2017-05-23 :Uday Kotak reduces stake in Kotak Bank to 29.79 per cent
Uday Kotak, head of Kotak Mahindra Bank has sold 18 million of the bank shares (1.8 crore) for Rs. 1,687 crore in order to lower his holding in the bank. The RBI has asked Kotak to lower his holding in the bank to 30 per cent by June 17, 20 per cent by December 18, and to 15 per cent by March 31, 2020.
2017-05-20 :Kotak Mahindra and IDFC Bank to give loans to the customers not having good CIBIL score
Kotak Mahindra and IDFC Bank together are planning to offer loans to those customers who do not have a good credit history or CIBIL score. For this purpose, banks are looking to develop new credit scoring model which is not based on the credit bureau scores.
2017-05-12 :Kotak Mahindra Bank board approves QIP at Rs. 913.24 per share
The bank’s board of directors has approved a qualified institutional placement (QIP) issue of Rs. 6.2 crore shares at a price per share of Rs. 913.24 to raise capital of about Rs.5,600 crore. The QIP issue is aimed at reducing the promoters’ stake in the bank to 15 per cent by March 2020. Currently, promoter holds 32 per cent in the bank which has to be bought down to 30 per cent by 30th June, 2017.
2017-05-03 :Kotak Mahindra Bank bets on ‘811’ to double its customer base in two years
Kotak Mahindra Bank has set an ambitious target of doubling its total customer base to 16 million as against 8 million in the next 18-24 months. The bank has further reported that the newly launched ‘811’ digital banking platform has received a good response from young banking customers and will act as a primary driver to achieve the bank’s target.
2017-04-28 :Kotak Mahindra Bank to buy out Old Mutual from insurance JV for $201 mn
Kotak Mahindra Bank Ltd has agreed to acquire UK partner Old Mutual plc’s 26 per cent stake in their life insurance joint venture for Rs. 1292.7 crore ($201 million) in cash. This deal will increase Kotak Mahindra Bank’s stake in Kotak Mahindra Old Mutual Life Insurance Ltd to 100 per cent.
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