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Report: Kotak Mahindra Bank may acquire Mahindra & Mahindra Financial Services

Kotak Mahindra Bank Ltd.'s planned capital raising through a share sale has led to speculation that the bank may acquire Mahindra & Mahindra Financial Services Ltd., a nonbanking finance company, The Economic Times reported March 28.

While details of the capital raising are unknown, there is speculation that the bank may raise as much as 100 billion rupees. The funds will be used to acquire a nonbanking finance company. Mahindra & Mahindra Financial Services emerged as a possible candidate given the close association of its founder, Anand Mahindra, with Uday Kotak, Kotak Mahindra Bank's founder and managing director.

The deal may be a executed on a part-cash-and-part-stock basis, an investment banker told the publication.

Kotak Mahindra Bank's spokesperson declined to comment on market speculation, while Mahindra & Mahindra Financial Services did not reply to an emailed query, the publication added.

As of March 28, US$1 was equivalent to 65.04 Indian rupees.