Kotak Bank's Board Approves Rs 10,000 Cr NCDs Fundraising

These non-convertible debentures (NCDs) without collateral and with the option of redemption will be issued through private placement in the fiscal year 2024-25, pending approval from the bank's members and any other necessary regulatory approvals.

Kotak Mahindra Group stands as a prominent financial services conglomerate in India, providing a comprehensive range of financial services spanning commercial banking, stock broking, mutual funds, life and general insurance and investment banking. The Group caters to the diverse financial needs of both individuals and the corporate sector. 

In the third quarter of the fiscal year 2023-24, the net profit of the private sector lender increased by 7.63 per cent to Rs 3,005.01 crore, accompanied by a 28.77 per cent rise in net total income to Rs 14,096.04 crore compared to the same period in the previous fiscal year. The stock currently trades at Rs 1,767.80 on the BSE, reflecting a 2.14 per cent decline.