SINGAPORE, May 11 (IFR) - Private Indian lender Kotak Mahindra Bank has set the price range at Rs930–Rs936 for its Rs57.6bn–Rs58bn (US$895m–$901m) qualified institutional placement.
The price range translates into a 0.1%–0.7% discount to the pre-deal close. Around 62m new shares will be sold.
Kotak, Bank of America Merrill Lynch and Morgan Stanley are leading the transaction.
The deal, if it goes through, will be the largest QIP in the Indian private sector and India’s biggest ECM deal of the year so far. State-owned State Bank of India’s Rs80bn QIP is the country’s largest such offer. (Reporting by Anuradha Subramanyan)