Kotak Mahindra Bank shares rise on FIPB nod to raise FII limit

Kotak Mahindra Bank shares gained over 1 per cent on Monday after the Foreign Investment Promotion Board (FIPB) last week cleared its proposal to raise foreign investment limit in the lender to 55 per cent.

Having deferred a decision four times already, FIPB finally gave a green signal to the bank's proposal in its meeting on July 3, following approval from the Department of Financial Services and the Department of Industrial Policy & Promotion.

Shares of Kotak Mahindra Bank closed 1.08 per cent higher at Rs 1,443.25. The scrip opened at Rs 1,450 and has touched a high and low of Rs 1,463 and Rs 1,435, respectively, on Monday.

For the year ended March 2015, the bank posted a consolidated net profit of Rs 3,045.45 crore, up 23.55 per cent, against Rs 2,465.99 crore a year ago. The promoters holding in the bank stood at 40.02 per cent while institutions and non-Institutions held 38.71 per cent and 21.14 per cent, respectively.