The bank made the announcement before market hours today, 12 April 2013.
Meanwhile, the S&P BSE Sensex was down 262.71 points or 1.42% at 18,279.49.
On BSE, 14,000 shares were traded in the counter as against average daily volume of 57,904 shares in the past one quarter.
The stock hit a high of Rs a 641.95 and a low of Rs 628.70 so far during the day. The stock had hit a 52-week high of Rs 694.40 on 7 February 2013. The stock had hit a 52-week low of Rs 525 on 27 July 2012.
The stock had underperformed the market over the past one month till 11 April 2013, sliding 5.79% compared with the Sensex's 5.62% fall. The scrip had, however, outperformed the market in past one quarter, declining 0.27% as against Sensex's 5.7% fall.
The large-cap private sector bank has equity capital of Rs 373.30 crore. Face value per share is Rs 5.
Kotak Mahindra Bank (KMBL) said before market hours today, 12 April 2013, that the board of directors of the bank at its meeting held on 11 April 2013, has given its consent for issue of 2 crore equity shares of Rs 5 each amounting to approximately 2.6% shareholding in the bank (as of 31 March 2013) on a post-issue basis to Heliconia, an affiliate of Government of Singapore Investment Corporation Pte (GIC), at a price of Rs 648 per share aggregating to Rs 1296 crore on preferential basis. This transaction augments the Tier I capital of the bank for pursuit of growth opportunities, KMBL said in a statement. It will also be a step towards dilution of promoter stake in the bank, it said.
Commenting on the development, Jaimin Bhatt, President & Group CFO, KMBL said, "With delight we welcome a reputed and large global financial institution of the stature of GIC as our shareholder. Their investment in the bank underscores the strong fundamentals of our institution".
Kotak Mahindra Bank's net profit rose 31% to Rs 361.68 crore on 24.8% growth in total income to Rs 2399.44 crore in Q3 December 2012 over Q3 December 2011.
Kotak Mahindra Bank offers personal finance solutions, transaction banking, operates lending verticals, manages IPOs and provides working capital loans.
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