Kotak Mahindra Bank to raise Rs 5,000 crore via bonds

Private sector lender Kotak Mahindra Bank said it will raise up to Rs 5,000 crore by issuing bonds. The capital raise plan was approved at the bank's board meeting held on Thursday.

"The board of directors of the company at its meeting held on July 21 has approved the business for seeking consent of the shareholders... for issuance of unsecured, redeemable, non-convertible debentures/bonds up to Rs 5,000 crore," the bank said in a filing.

Further details about the usage of the proceeds was not given by the bank.

The bank today reported almost fourfold jump in net profit to Rs 741.97 crore in the first quarter ended June of current fiscal.

The total earnings during the period also rose to Rs 5,120.03 crore as against Rs 4,583.86 crore in the year ago period.

Kotak Mahindra Bank stock was trading at Rs 765.95 on BSE, down 2.08% from the previous close.