Kotak Mahindra Bank Merger News

Hi I would like to have the information about the news that Uday Kotak reiterates interest in acquiring SUUTI’s stake in Axis Bank?

The buzz about Kotak Mahindra Bank hoping to purchase Axis Bank declines to fade away. On Wednesday, Kotak's overseeing executive Uday Kotak emphasized his enthusiasm for taking a gander at a conceivable procurement of the Specified Undertaking of Unit Trust of India's (SUUTI) 12% stake in Axis on the off chance that he is drawn nearer.

"On the off chance that SUUTI chooses to offer, our load up will take a gander at the legitimacy and assess it," said Kotak in a meeting to The Times of India.

The news about Kotak Mahindra Bank declaring a major obtaining has been doing the rounds as Kotak needs to lessen his promoter stake in the bank to 30% by the June quarter as commanded by the Reserve Bank of India.

This stake must be cut down further to 20% by December 2018. The bank likewise as of late reported a raising money design of Rs5,370 crore for FY18.

In the mean time, Axis Bank has firmly precluded any discussions from securing a merger with Kotak. The bank has been under weight after a sharp fall in its second from last quarter benefits and numerous pay charge attacks over some of its branches post demonetisation.

The offers of Kotak Mahindra Bank and Axis Bank have surged as far back as the buzz about procurement turned out. So far this year, Kotak shares have increased 22.2% and Axis Bank shares 12%.

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