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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.
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