Kotak Mahindra Bank has moved higher by 2.2% to Rs 708, extending its 10% rally in past seven trading sessions, after the Singapore's Heliconia Pte Limited proposes to buy 2.6 % stake in the bank for Rs 1,296 crore.
The stock opened at Rs 693 and hit a high of Rs 709, its highest level since February 2008 on NSE. A combined 483,582 shares have changed hands on the counter till 1434 hours on NSE and BSE. The stock hit a record high of Rs 719 on January 7, 2008.
The private sector bank has decided to call an extra ordinary general meeting (EGM) on May 09, to take shareholders approval for allotment of equity shares to Heliconia on preferential basis. The board of the bank had already approved the same at their meeting held on April 12.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra Bank at Rs 648 a share to fund expansion and boost capital. The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans.
The stock opened at Rs 693 and hit a high of Rs 709, its highest level since February 2008 on NSE. A combined 483,582 shares have changed hands on the counter till 1434 hours on NSE and BSE. The stock hit a record high of Rs 719 on January 7, 2008.
The private sector bank has decided to call an extra ordinary general meeting (EGM) on May 09, to take shareholders approval for allotment of equity shares to Heliconia on preferential basis. The board of the bank had already approved the same at their meeting held on April 12.
Heliconia will subscribe to a preferential issue of 20 million equity shares of Kotak Mahindra Bank at Rs 648 a share to fund expansion and boost capital. The transaction will strengthen the bank's tier-I capital and aid in financing its expansion plans.
