Kotak Mahindra Bank has said that the main objective of its recently completed capital raising process is the acquisition of companies and assets. The bank has not dismissed reports that it was considering a merger with its smaller rival Bank IndusInd Bank.
Jamin Bhatt, Group Chief Finance Officer (CFO) of Kotak Mahindra Bank, told reporters here on Monday that the bank would wait for the right opportunity and use this money ‘wisely’. There have been reports that Kotak Mahindra Bank is considering a full-share merger with IndusInd Bank. IndusInd Bank along with its promoters have also denied these reports. Bhatt said, “As a policy we do not comment on any specific example.” We will not comment on any speculation as per company policy. Asked if the bank would choose the route for mergers and acquisitions, he said that the bank raised Rs 7,000 crore soon after the outbreak of the Kovid-19 epidemic in the country. This reflects the bank’s interest in such deals. Asked where the bank will use this capital, Bhatt said that we will wait for the right opportunity.