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Shareholders on Monday gave approval to Kotak Mahindra Bank's proposal for issuance of bonus shares.
The annual general meeting held on Monday approved issuance of “bonus shares in the proportion of one equity share for every equity share of face value Rs 5 held by such person on the record date,” Kotak Mahindra Bank said in a filing to the BSE.
The issue and allotment of bonus shares to non-resident shareholders of the bank shall be subject to the approval of the Reserve Bank of India under the provisions of the Fema Act, it added.
The bonus shares so issued and allotted will rank in all respects with the existing fully paid equity shares of the bank.
Shares of Kotak Mahindra Bank today closed 0.74 per cent up at Rs 1,373 per unit on the BSE.
Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited
