Kotak Mahindra issues debentures worth nearly 200 crores

Mumbai, Mar 21 (UNI) Kotak Mahindra Bank has informed the Bombay Stock Exchange (BSE) that they have entered into a subscription agreement today with International Finance Corporation.

The Bank will issue 'Upper Tier II Subordinated Bonds' by way of Debentures to the tune of USD 45 million (approximately Rs 200 crores) with the final maturity of over 15 years, in accordance with guidelines issued by the Reserve Bank of India (RBI).

Such issue will help the Bank augment its capital base and enhance their long term funding resources, Kotak press release added.

UNI