Kotak Mahindra Bank has received an approval from its shareholders for raising up to Rs 65,000 crore to fund business expansion. The decision to this effect was taken in the Annual General Meeting. The 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.
Besides, the shareholders have also approved the proposal to issue unsecured, redeemable non-convertible debentures or bonds for an amount up to Rs 5,000 crore.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.