Kotak Mahindra Bank allots shares to QIBs

Kotak Mahindra Bank Ltd has informed that the Allotment Committee of the Bank on October 15, 2007, has allotted 1,70,00,000 equity shares of Rs 10/- each of the Bank at a premium of Rs 940/- per share to Qualified Institutional Buyers.

The paid-up share capital of the Bank now stands at 343,950,052 equity shares of Rs 10/- each.

The aforesaid equity shares shall rank pari passu with the existing equity share capital of the Bank in all respects.

In this regards, the Bank has issued the following Press Release:

"Kotak Mahindra Bank has successfully raised Rs 1,615 crore (approximately US$ 410 million) by allotting 17,000,000 equity shares through a Qualified Institutional Placement (QIP).

The QIP issue was priced at Rs 950 per equity share. This represents 4.95% of the increased paid-up capital of the Bank. The Group net worth is n around Rs 5,000 crore.

The issue received good response from investors in all geographical regions including United States, Europe and Asia (including India). Investors in the QIP offering include ING Bank NV, Credit Agricole, State Bank of India, Blackrock Funds and Soros

Citigroup and Kotak Investment Banking acted as Joint Global Co-ordinators and Book Running Lead Managers for the offering."