May 12, 2017 / 3:28 AM / 6 months ago

Kotak Mahindra Bank to price share offer at top of range, raising $901 million

HONG KONG (Reuters) - Kotak Mahindra Bank Ltd (KTKM.NS), the fourth biggest Indian lender by market capitalisation, is set to price a share offering at the top end of an indicative range, raising $901 million to bolster its balance sheet, IFR reported on Friday, citing a person close to the deal.

A man looks at a screen across the road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai February 6, 2014. REUTERS/Mansi Thapliyal/Files

The bank is pricing about 62 million new shares at 936 rupees each after earlier setting a 930-936 rupees indicative range, putting the total deal at 58 billion rupees ($901 million), said IFR, a Thomson Reuters publication.

Kotak Mahindra Bank didn’t immediately reply to a Reuters request for comment on the share offering pricing.

($1 = 64.3900 Indian rupees)

Reporting by S. Anuradha of IFR; and Elzio Barreto; Editing by Muralikumar Anantharaman

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below