Kotak Mahindra Bank gains as its arm raises Rs 5,328 crore

Kotak Infrastructure Investment Fund to invest in infrastructure projects in India.

Kotak Mahindra Bank’s arm - Kotak Investment Advisors (KIAL) has raised Rs 5,328 crore to invest in infrastructure projects in the country. KIAL is targeting to raise Rs 6,000 crore in total for the Kotak Infrastructure Investment Fund, and this is the maiden close for the platform. The fund will be focusing on infrastructure credit and this is the first time where a fund is being set up with significant commitments from global investors.

The majority of the Rs 5,328 crore fund in commitment has been made by the Canadian Pension Plan Investment Board (CPPIB), while the Asian Infrastructure Investment Bank (AIIB) has pitched in with a $100 million (about Rs 828 crore) commitment.

Kotak Mahindra Bank provides a broad range of banking products and financial services for corporate and retail customers, through several delivery channels. The bank has a strong foothold in the fields of personal finance, investment banking, life insurance, and wealth management.

Today, the stock opened at Rs 1868.10, with a high and low of Rs 1876.10 and Rs 1864.50. The stock previously closed at Rs 1868.55. It closed the trading session at Rs 1873.05, up by 0.24%.

In the last six months, the shares of the company have given 7.85% returns and on a YTD basis, the stock has given 2.66% returns.

The stock has a 52-week high of Rs 1997.00 and a 52-week low of Rs 1630.00. The company has a ROCE of 6.29% and an ROE of 13.3% with a market capitalisation of Rs 3,71,952.48 crore.