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Kotak Mahindra Bank to price share offer at top of range, raising $901 mln -IFR
May 12, 2017 / 3:18 AM / 7 months ago

Kotak Mahindra Bank to price share offer at top of range, raising $901 mln -IFR

HONG KONG, May 12 (Reuters) - Kotak Mahindra Bank Ltd , 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.

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)

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