Warburg to invest Rs 75.9 cr in Kotak Bank

Warburg Pincus International is set to invest Rs 75.90 crore (Rs 759 million) for picking up 2.75 per cent in Kotak Mahindra Bank, which has also decided to increase its FII holding limit from 24 to 30 per cent.

Warburg has picked up additional stake through its sub accounts Madison Holding Ltd and Melany Holdings Ltd, Kotak Mahindra Bank informed the National Stock Exchange on Monday.

A meeting of the shareholders of the bank held on December 27 approved allotment of 33,00,000 equity shares of Rs 10 each at a premium of Rs 220 per equity share aggregating to an issue price of Rs 75.90 crore to Madison Holding Ltd and Melany Holdings Ltd, sub accounts of Warburg Picnus, it added.

Madison Holding and Melany Holdings will have 16,50,000 equity shares each, Kotak Mahindra Bank said in its communication to the NSE.

The meeting also approved the increase of the ceiling limit on total foreign institutional investors from 24 per cent to 30 per cent of the post issue paid-up equity capital of the bank subject to statutory and regulatory approvals, it added.