Kotak Mahindra Bank gains nearly 3% on fund raising plan

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Kotak Mahindra Bank share price added nearly 3 percent intraday on April 22 after the board of the company approved fundraising.

The company board has accorded its approval for raising of capital by way of issue of equity shares, by the Bank for up to 6,50,00,000 equity shares of Rs 5 each, through a private placement, follow-on public offering, Qualified Institutions Placement or a combination thereof.

It is subject to shareholders’ approval and governmental/regulatory/ statutory approvals and requirements, as applicable.

At 12:18 hrs, Kotak Mahindra Bank was quoting at Rs 1,158.00, up Rs 27.55, or 2.44 percent on the BSE.

The share touched its 52-week high Rs 1,739.95 and 52-week low Rs 1,000.35 on 19 February 2020 and 19 March 2020, respectively.

Currently, it is trading 33.45 percent below its 52-week high and 15.76 percent above its 52-week low.

The share price fell 28 percent in the last 3 months.