Canada Pension Plan Investment Board (CPPIB) that manages pension fund assets has recieved the Reserve Bank of India’s approval to increase its stake beyond five per cent to 10 per cent in Kotak Mahindra Bank.

“Kotak Mahindra Bank has informed the exchange that RBI has informed the bank that it has granted approval to CPPIB for acquiring shares in excess of five per cent and below 10 of the paid up capital of the bank,” said the bank in a notice to the exchanges.

Kotak Mahindra Bank plans to raise Rs 5,000 crore by issuing bonds for fulfil its general corporate business. The plan is within the bank’s Rs 50,000 crore borrowing limit approved last year.

The bank said in a regulatory filing that at the Board of Directors meeting held on July 21, it had sought consent of the shareholders to borrow the money.

Kotak Mahindra Bank plunged over 2 per cent in the afternoon trade on Thursday after the company posted lower-than-expected financial results for the quarter ended June 30, 2016. However, the bank reported 291 per cent rise in net profit at Rs 741.97 crore for the quarter under review against Rs 189.78 crore in the same quarter last year. Net interest income of the bank jumped to Rs 1,919.10 crore, up 20 per cent, against Rs 1,598.18 crore in the corresponding quarter last year.

L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut on Thursday.

The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers.

Kotak Mahindra Bank Ltd, on Wednesday, reported a 32% rise in net profit for the January-March quarter, owing to an increase in net interest income (NII).

The bank’s net profit for the fourth quarter rose to Rs.695.78 crore, as compared with Rs.527.14 crore a year ago.

Kotak Mahindra Prime said Tuesday it will raise Rs 50 crore by issuing debentures on a private placement basis.

"The company intends to issue secured, redeemable, non- convertible debentures of the face value of Rs 10 lakh each, amounting to Rs 50 crore, on a private placement basis," it said in a BSE filing.

Rising spree of Kotak Mahindra Bank shares helped the lender to surpass ICICI Bank in terms of market capitalisation on Tuesday. The share price of Kotak Mahindra Bank surged over 6 per cent in the past two months since the central bank removed it from foreign investment ban list. On the other hand, ICICI Bank shares gained 0.38 per cent during the same period till May 3.

Kotak Mahindra Bank was trading higher by nearly 3% to Rs 678 on the BSE, on back of heavy volumes in otherwise weak market.

In early morning trade at 09:16 AM, around 3.5 million equity shares of Kotak Mahindra Bank changed hands through block deal, the BSE data shows.

The Kotak Mahindra Group and Canada Pension Plan Investment Board (CPPIB) on Monday announced a $525-million fund, joining the growing tribe of stressed assets players in India. Senior executives said the fund, to be called Kotak Special Situations Credit Fund, would have a mandate to invest in bank non-performing assets (NPAs) as well as structured debt extended to companies directly.

Mumbai: Kotak Mahindra Group has tied up with Canadian Pension Plan Investment Board (CPPIB) to launch a $525 million fund to invest in the stressed asset market in India.

The Canadian pension fund manager will have the option to invest up to $450 million in this partnership, Kotak Mahindra Group said in a statement on Monday.

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