BOM:500247

ICICI Prudential AMC Gets RBI Nod to Invest in Four Banks

ICICI Prudential Asset Management (NSE:ICICIAMC, BOM: 544658) received Reserve Bank of India approval to acquire an aggregate holding of up to 9.95% in CSB Bank (BOM:542867, NSE:CSBBANK), DCB Bank (BOM:532772, NSE:DCBBANK), Kotak Mahindra Bank (BOM:500247, NSE:KOTAKBANK) and AU Small Finance Bank, according to an exchange filing.The approvals are subject to applicable statutory and regulatory conditions.The asset management company will make the investments on behalf of its mutual fund, alternative investment fund, and portfolio management service clients.

Market Chatter: Kotak Bank Begins CEO Succession Process With Two Internal Candidates

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) has put forward executive directors Anup Saha and Paritosh Kashyap as potential successors to CEO Ashok Vaswani, whose term expires at the end of this year, Reuters reported, citing two people familiar with the matter.The lender has submitted the two internal candidates to the Reserve Bank of India for approval, according to the report.The move begins the succession process for Vaswani, who has said he will step down on Dec. 31 and not seek another term, citing personal reasons.Kotak Mahindra Bank did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Kotak Mahindra Bank Allots $650 Million Senior Bonds Due 2031

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) has allotted $650 million of 5.478% senior notes due 2031 under its $1 billion euro medium-term note program, according to a Monday filing to the Indian exchanges.The notes will be listed on India International Exchange and NSE IFSC, the filing said.

S&P Assigns 'BBB' Rating to Kotak Mahindra Bank's $650 Million Senior Bonds

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) said S&P Global Ratings has assigned a BBB rating to its $650 million senior notes under the bank's $1 billion Euro Medium Term Note Programme.The notes carry a 5.478% coupon, according to a Thursday filing to the Indian exchanges.

S&P Assigns 'BBB' Rating to Kotak Mahindra Bank Senior Bonds

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) received a 'BBB' rating from S&P Global Ratings for senior notes to be issued under its $1 billion Euro Medium Term Note Programme, according to an Aug. 14 exchange filing.

Market Chatter: Zetwerk Targets $400 Million India IPO in September

Indian contract manufacturer Zetwerk is moving forward with plans for an initial public offering in India that could raise up to $400 million, Bloomberg reported Wednesday, citing people familiar with the matter.The company has reportedly made a confidential IPO filing in March, and is expected to submit updated papers this week. Zetwerk plans to launch its IPO as soon as September, the sources reportedly told Bloomberg.Kotak Mahindra(BOM:500247, NSE:KOTAKBANK), JM Financial (BOM:523405, NSE:JMFINANCIL), Avendus Capital and the Indian arms of HSBC, Morgan Stanley, and Goldman Sachs are expected to manage the offering, the report said.Zetwerk, Kotak, JM Financial, Avendus, HSBC India, Morgan Stanley, and Goldman Sachs did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: HDFC Bank, Four Other Indian Lenders Weigh Up to $3 Billion Fundraising

HDFC Bank (NSE:HDFCBANK) and four other Indian private lenders are considering raising up to $3 billion through dollar bonds or loans, Bloomberg reported Tuesday, citing people familiar with the matter.HDFC Bank is weighing a dollar bond of up to $1 billion, potentially in the coming weeks, the report said. Federal Bank (NSE:FEDERALBNK, BOM:500469), Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247), RBL Bank (NSE:RBLBANK, BOM:540065) and Yes Bank (NSE:YESBANK, BOM:532648) are separately planning to raise $250 million to $500 million each, according to the report.The lenders are seeking to tap a Reserve Bank of India facility that offers a fixed annual foreign-exchange swap rate of 1.5% for overseas borrowings with an average maturity of at least three years, Bloomberg noted. The facility is aimed at supporting capital inflows and reducing hedging costs.HDFC Bank last raised $750 million through a five-year dollar bond in June, according to Bloomberg.HDFC Bank, Federal Bank, Kotak Mahindra Bank, RBL Bank and Yes Bank did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Update: Market Chatter: SoftBank-Backed InMobi Hires Banks for $1 Billion IPO

(Updates to add that Jefferies declined to comments)InMobi has appointed JPMorgan Chase, Jefferies Financial, Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) unit Kotak Mahindra Capital and Axis Capital as bookrunners for an initial public offering expected to raise about $1 billion, Bloomberg News reported Tuesday, citing people familiar with the matter.The SoftBank (TYO:9984)-backed Indian consumer technology company is expected to begin the IPO process later this week, targeting a valuation of $5 billion to $6 billion, the report said.InMobi is also relocating its domicile to India from Singapore ahead of the planned listing, although the plans remain subject to change, according to Bloomberg.Jefferies refused to comment on the matter while InMobi, JPMorgan, Kotak Mahindra Capital and Axis Capital did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Market Chatter: SoftBank-Backed InMobi Hires Banks for $1 Billion IPO

InMobi has appointed JPMorgan Chase, Jefferies Financial, Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) unit Kotak Mahindra Capital and Axis Capital as bookrunners for an initial public offering expected to raise about $1 billion, Bloomberg News reported Tuesday, citing people familiar with the matter.The SoftBank (TYO:9984)-backed Indian consumer technology company is expected to begin the IPO process later this week, targeting a valuation of $5 billion to $6 billion, the report said.InMobi is also relocating its domicile to India from Singapore ahead of the planned listing, although the plans remain subject to change, according to Bloomberg.InMobi, JPMorgan, Jefferies, Kotak Mahindra Capital and Axis Capital did not immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

HSBC Downgrades Kotak Mahindra Bank to Hold From Buy; Price Target is INR430

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) has an average rating of overweight and mean price target of 462.71 Indian rupees, according to analysts polled by FactSet.

Kotak Mahindra Bank Logs Profit Growth in Fiscal Q1

Kotak Mahindra Bank's (BOM:500247, NSE:KOTAKBANK) profit after tax rose to 54.8 billion Indian rupees for the quarter ended June 30, from 44.7 billion rupees a year earlier.The bank's earnings per share increased to 5.51 rupees from 4.50 rupees a year ago, according to a stock exchange filing over the weekend.Total income, which includes interest earned and other income, rose 13% to 300.7 billion rupees from 267 billion rupees in the prior-year quarter.

Samvardhana Motherson International Raises INR2 Billion via Commercial Paper Issue

Samvardhana Motherson International (NSE:MOTHERSON, BOM:517334) issued commercial paper worth 2 billion Indian rupees to Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247).The instrument issued on June 9 carries an interest rate of 6.25% and will mature on Sept. 25, according to a stock exchange filing on Friday.Shares of the company fell nearly 1% in recent trade.

Kotak Mahindra Bank Completes INR95.9 Billion Loan Portfolio Transfer From Subsidiary

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) completed the direct assignment of a loan portfolio worth 95.9 billion rupees from its wholly owned subsidiary, Kotak Mahindra Investments (KMIL), effective July 1.The transfer forms part of the bank's plan to bring KMIL's business activities within the bank, according to an Indian bourse filing on Thursday. The bank had earlier disclosed plans to acquire KMIL's loan portfolio and non-treasury investments, which together amounted to 106.4 billion rupees as of March 31, in one or more tranches.

Kotak Mahindra Bank to Buy Deutsche Bank's Retail, Wealth Business in India

Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) agreed to acquire the retail banking, private banking and wealth management business of Deutsche Bank in India, according to a Tuesday filing with the Indian bourse.The business comprises roughly 290 billion Indian rupees in loans, 160 billion rupees in deposits, and 10.5 billion rupees in assets under management, and serves around 150,000 customers.Approximately 1,000 employees of Deutsche Bank's India business are expected to join Kotak Mahindra Bank as part of the transaction, the filing stated.

Samvardhana Motherson Raises INR3 Billion Via Commercial Paper Issue to Kotak Mahindra Bank

Samvardhana Motherson International (NSE:MOTHERSON, BOM:517334) issued commercial paper worth 3 billion Indian rupees to Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247).The instrument issued on June 6 carries an interest rate of 7.20% and will mature on September 11, according to a stock exchange filing.

Avendus Spark Downgrades Kotak Mahindra Bank to Add from Buy; Price Target is INR436

Emkay Global Upgrades Kotak Mahindra Bank to Add from Reduce; Price Target is INR430

Nomura Adjusts Kotak Mahindra Bank's Price Target to INR460 From INR445, Keeps at Buy

Standard Chartered to Sell Indian Credit Card Portfolio to Federal Bank

Standard Chartered (HKG:2888) agreed to sell the bulk of its Indian credit card portfolio to India's The Federal Bank (NSE:FEDERALBNK, BOM:500469), according to media reports Thursday.The bank, which had about 640,000 credit cards in India as of March, had been reviewing offers from Federal Bank and Kotak Mahindra Bank (NSE:KOTAKBANK, BOM:500247) ahead of the agreement, Reuters reported.The firms did not disclose the transaction value of the sale, which is expected to close by the end of 2026.

Kotak Mahindra Bank's Consolidated Profit Rises in Fiscal Q4

Kotak Mahindra Bank's (NSE:KOTAKBANK, BOM:500247) consolidated profit after tax rose to 54.2 billion Indian rupees in the fiscal fourth quarter ended March 31, from 49.3 billion rupees a year ago.Earnings per share came in at 5.45 rupees from 4.96 rupees a year earlier, according to a Saturday filing to the Indian stock exchanges.Interest earned by the lender in fiscal Q4 increased to 178.3 billion rupees from 167.7 billion rupees a year ago.The bank's board proposed a dividend of 0.65 rupees per share, having a face value of 1 rupee each, for the year ended March 31.