Kotak Mahindra eyes high pricing for $984m share sale

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By Jonathan Breen
27 May 2020

Kotak Mahindra Bank is set to raise Rp74.4bn ($983.7m) from an issue of fresh equity, after a strong turnout from institutional investors pushed pricing to the top of the range, according to a banker on the deal.

Investors had anticipated the Indian bank's transaction, done through a qualified institutional placement (QIP), for over a month, since Kotak announced its fundraising plan in mid-April.

Joint global co-ordinators and bookrunning lead managers Goldman Sachs, Kotak Mahindra Capital and Morgan Stanley launched the trade after Indian markets ...

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