Kotak Mahindra Bank gains on shareholders nod for bonus issue

The shareholders have approved issue of bonus shares in the ratio of 1:1

Shares of Kotak Mahindra Bank were up nearly 2% at Rs 1,398 after the shareholders at the annual general meeting held on Monday approves issue of bonus equity shares.

The shareholders have approved issue of bonus shares in the ratio of one equity share for every equity share of face value Rs 5 held, the bank said in a release.

Kotak Mahindra Bank has fixed July 09, 2014 as the record date for the purposed of allotment of bonus shares.

The stock opened at 1,378 and touched a high of 1,404. At 12:35PM, over 485,000 shares were traded on both the stock exchanges.