KOTAK BANK TO RAISE ₹7,500 CR THROUGH QIP

MUMBAI: Kotak Mahindra Bank on Tuesday launched its qualified institutional placement (QIP) offering to raise up to ₹7,500 crore. QIP is a tool used by listed companies to sell shares or other securities, which are convertible into stocks, to qualified institutional buyers such as mutual funds. This is the first QIP since Avenue Supermarts Ltd, which runs supermarket chain Dmart, raised ₹4,098 crore in February. The bank said that it has set a floor price of ₹1,147.75 per share for the offering. As per Securities and Exchange Board of India (Sebi) norms, the bank can offer a maximum discount of up to 5% on the floor price to investors.