Kotak Mahindra Bank has allotted 51,745 equity shares under ESOP on 29 March 2023.

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These senior, rated, listed, unsecured, redeemable, long term fully paid up non-convertible bonds in the nature of debentures have a coupon rate of 7.85% per annum.

The tenure of the instrument is 7 years from the date of allotment (maturity date being 20 March 2030).

The NCDs will be listed on the National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).

CRISIL Ratings and ICRA have assigned a rating of “CRISIL AAA/Stable” and “[ICRA] AAA (Stable)” respectively, said the bank.

Kotak Mahindra Bank is a diversified financial services group providing a wide range of banking and financial services including consumer banking, commercial banking, treasury and corporate banking, investment banking, stock broking, vehicle finance, advisory services, asset management, life insurance and general insurance.

The bank reported 31% jump in net profit of Rs 2,792 crore on 34.4% rise in total income to Rs 11,098.59 crore in Q3 FY23 over Q3 FY22.

Shares of Kotak Mahindra Bank were up 0.49% to Rs 1,707.75 on the BSE.

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Kotak Mahindra Bank has allotted 30,000 Senior, Rated, Listed, Unsecured, Redeemable, Long Term Fully Paid Up Non-Convertible Bonds in the nature of Debentures (NCDs), of the face value of Rs. 1,00,000 each, aggregating Rs. 300 crore, issued on private placement basis.

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Kotak Mahindra Bank will hold a meeting of the Board of Directors of the Company on 17 March 2023.

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