Mumbai: Kotak Mahindra Bank is set to raise around $400 million this week through a qualified institutional offering, the Economic Times paper said in a largely unsourced report on Monday.
The private-sector bank may issue 17 million equity shares, and is in talks with investors including private equity and foreign insurance firms, funds of billionaire Warren Buffett as well as T Rowe Price, the paper said without citing a source.
The bank was looking to place the shares at around Rs 1,050 ($26.65) per share, the paper said, citing unidentified sources.
Citigroup was the adviser to the issue, and the bank had already held roadshows in the United States, Europe, Hong Kong and Singapore, the paper said.
Shares in Kotak Mahindra ended at Rs 959.45 on Friday.
A spokeswoman for Kotak Mahindra did not return a call seeking comment.
Indian banks have been raising funds to meet a robust demand for loans from consumers and companies.
State Bank of India, the biggest bank, has said it plans to raise at least $2.5 billion in a share sale around the end of the year. Second ranked ICICI Bank raised $4.9 billion earlier this year in India's biggest-ever share sale
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