Kotak Mahindra Bank raises $410 million in share offer

Mumbai: Kotak Mahindra Bank Ltd has raised $410 million in a share sale to boost operations. The bank sold 17 million shares at Rs950 a each to raise Rs1,615 crore ($410 million), the bank said in a statement.

Earlier reports, meanwhile, said the bank was in talks with investors, including private equity and foreign insurance firms, funds of billionaire Warren Buffett as well as T Rowe Price.

Citigroup is one of the managers, chief financial officer Jaimin Bhatt said, without elaborating. The private-sector bank had got the approval in July to issue the shares in domestic and/or international markets.