These senior, rated, listed, unsecured, redeemable, longer-term fully paid up non-convertible connections in the nature of debentures have a coupon rate of 7.85% per annum. The instrument has a 7-year term starting on the date of allocation (maturity date being 20 March 2030). The NCDs will be listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).

CRISIL Ratings and ICRA have assigned a rating of “CRISIL AAA/Stable” and “[ICRA] AAA (Stable)” respectively, said the bank. Kotak Mahindra Bank is a diversified financial services group providing a wide range of banking and financial services including consumer banking, commercial banking, treasury and corporate banking, investment banking, stock broking, vehicle finance, advisory services, asset management, life insurance, and general insurance.

The bank reported 31% jump in net profit of Rs 2,792 crore on a 34.4% rise in total income to Rs 11,098.59 crore in Q3 FY23 over Q3 FY22. Shares of Kotak Mahindra Bank were up 0.49% to Rs 1,707.75 on the BSE.