NEW DELHI: Maruti Suzuki India Ltd (MSIL) has appointed two local investment bankers — Kotak Mahindra Capital and Axis Capital as the company seeks to persuade minority investors to back a controversial plan that calls for the carmaker's proposed Gujarat factory to be set up by parent Suzuki Motor Corp.

Maruti Suzuki's manufacturing will be contracted to the plant in a practice that some experts say is unusual for the industry. The move has been opposed by some shareholders who believe it will undermine the Indian unit and divert income to the parent.

Financial Technologies India Ltd (FTIL) today said its 15 per cent stake sale in MCX to Kotak Mahindra Bank Ltd for Rs 459 crore was done at "fair" price after conducting a "transparent" bidding process.

The deal with Kotak was announced on July 20 (Sunday) and the transaction price was Rs 600 per share. On July 18 (Friday), shares of Multi Commodity Exchange of India Ltd (MCX) had closed at Rs 786.25 apiece.

Kotak Mahindra Bank plans to raise up to Rs 300 crore through infrastructure bonds, rated 'AAA/stable' by CRISIL. The rating agency said given the exemption from statutory reserve requirements and priority sector obligations, these bonds would be cost-effective.

The bonds will improve the bank's asset-liability profile.

CHENNAI: Kotak Life Insurance has launched Kotak Assured Income Accelerator, a plan that factors in the ever increasing cost of living by paying an increasing annual guaranteed income during the payout phase.

Annual payout of the guaranteed income commences after the premium payment term is over. At maturity, a guaranteed maturity benefit is also payable along with the last installment of the increasing guaranteed income.

Kotak Mahindra Bank has decided to buy a 15 per cent stake in Multi Commodity Exchange (MCX) for Rs 459 crore from Financial Technologies India (FTIL).

The deal values MCX at Rs 600 a share, a discount of nearly 24 per cent to Friday's closing price of Rs 783.5 on the National Stock Exchange. Also, there is a steep discount to the price at which MCX issued shares to the public in March 2012 (Rs 1,032 a share).

We stay ‘neutral’ on Kotak Mahindra Bank (KMB), valuing the stock on a sum-of-the-parts basis with a target price of Rs 920 a share. This implies ~3x March 2016f book for its lending business (bank + NBFC) after factoring in Rs 140 for its flow business (excluding Kotak Prime).

The current valuations at ~2.9x March 2015f book after adjusting for Rs 140 of valuations for its flow business are expensive. While asset quality is likely to hold up as the management has been very conservative in growing in the past 18 months, we see valuations stretched on a relative basis with HDFC Bank (Kotak just at a 10% discount on FY16f P/B and ~20% premium on FY16f P/E).

At Rs 698 crore, Kotak Mahindra Bank has posted 11 per cent growth in consolidated net profit for the quarter ended June, primarily owing to a rise in net interest income. For the corresponding period last year, the bank's net profit stood at Rs 627 crore.

On Wednesday, the Kotak Mahindra Bank stock closed at Rs 884.25 on BSE, up 1.47 per cent.

NEW DELHI: Kotak Mahindra Bank Ltd -0.22 % rallied as much as 1.7 per cent in trade on Friday, after the Reserve Bank of India (RBI) allowed overseas investors, to buy shares of the private sector lender.

At 09:30 a.m.; the stock pared some of the morning gains but was still trading 0.6 per cent higher at Rs 873. It hit a low of Rs 868 and a high of Rs 882.50 in trade today.

Mumbai: Foreign shareholding in private sector lender Kotak Mahindra Bank has hit the trigger limit for foreign institutional investors (FIIs), and any further purchases of bank’s share by them will be allowed only after the Reserve Bank of India’s approval.

RBI has been monitoring the foreign investment limit under the portfolio investment scheme (PIS) in the bank which has hit the trigger point.

Kotak Mahindra Bank has moved higher by nearly 4% to Rs 972, also its record high on NSE, after the private sector lender proposes to increase the ceiling limit of overseas investment to 40%.

Kotak Mahindra Bank in its notice to shareholders for the upcoming annual general meeting (AGM) on July 16 has sought members’ approval to pass a resolution to this effect.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.