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Kotak Mahindra Bank has set a floor price of Rs 1,147.75 per share for the offering.

Kotak Mahindra Bank on May 26 launched qualified institutional placement (QIP) to raise upto Rs 7,460.38 crore.

Kotak Mahindra Bank has set a floor price of Rs 1,147.75 per share for the offering.

The bank’s board had sanctioned the fundraising in April.

As per SEBI norms, the bank can offer a discount of 5 percent on the floor price to investors.

“The board passed a resolution for approving the opening of the issue today (May 26); approving and adopting the preliminary placement document in connection with the Issue; and approving the floor price for the issue, based on the pricing formula as prescribed under the SEBI ICDR Regulations,” said Kotak Mahindra Bank in a regulatory filing.

Kotak Mahindra scrip ended 0.53 percent down to close at Rs 1,154 per share.

Post Author: Stangrowth

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