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Kotak Mahindra Bank to raise up to 50B rupees via debt issuance

Kotak MahindraBank Ltd.'s board approved a plan to raise up to 50 billion rupeesvia an issuance of unsecured, redeemable, nonconvertible debentures or bonds.

The issuance is subject to shareholder approval, the banksaid July 21.

As of July 21, US$1was equivalent to 67.16 Indian rupees.