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Kotak Mahindra to raise up to 55B rupees via debt, preference shares

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Kotak Mahindra to raise up to 55B rupees via debt, preference shares

Kotak Mahindra Bank Ltd. plans to raise up to 55 billion Indian rupees via offerings of debt and preference shares.

The bank's board approved issuances of up to 50 billion rupees of nonconvertible debentures or bonds, and up to 5 billion rupees of nonconvertible preference shares.

The planned offerings are subject to shareholder and regulatory approvals.

As of May 18, US$1 was equivalent to 68.02 Indian rupees.