Kotak Mahindra Bank to raise Rs 65,000 cr

Private sector Kotak Mahindra Bank today said its shareholders have approved raising up to Rs 65,000 crore to fund business expansion.

The decision to this effect was taken in the Annual General Meeting held today in Mumbai, the bank said in a filing to BSE.

Shareholders of the bank gave approval to borrow in excess of the paid up capital and free reserves but not exceeding Rs 60,000 crore, Kotak Mahindra Bank said.

Besides, they also approved the proposal to issue unsecured, redeemable non-convertible debentures or bonds for an amount up to Rs 5,000 crore.