Kotak Mahindra pacts IFC to raise Rs 200 cr

New Delhi, Mar 21 (UNI) Kotak Mahindra Bank Ltd today said it has entered into an agreement with International Finance Corporation (IFC) to raise Rs 200 crore.

Under the subscription agreement, the bank will issue upper Tier II subordinated bonds by way of debentures with final maturity of over 15 years, in accordance with guidelines issued by the Reserve Bank of India.

The issue will help the bank to augment its capital base and enhance its long term funding resources, it said in a statement.

UNI