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Kotak Mahindra Prime to raise Rs 50 crore via debentures

It intends to issue secured, redeemable, non- convertible debentures of the face value of Rs 10 lakh each

Press Trust of India  |  New Delhi 

In a first, Kotak launches an offline funds transfer facility

Prime said Tuesday it will raise Rs 50 crore by issuing debentures on a private placement basis.

"The company intends to issue secured, redeemable, non- convertible debentures of the face value of Rs 10 lakh each, amounting to Rs 50 crore, on a private placement basis," it said in a BSE filing.

Prime Ltd (KMPL) is a subsidiary of Bank, primarily formed to finance passenger vehicles.

It offers financing by loaning for passenger cars, multi-utility vehicles and pre-owned cars. And also offers inventory funding and infrastructure funding to car dealers.

The company also offers corporate loans, personal loans, loans against securities, developer loans, corporate loans, personal loans, securitisation and assignment transactions and purchase of non-performing assets.

(Kotak Mahindra and associates hold a significant stake in Business Standard Pvt Ltd)

First Published: Tue, May 10 2016. 15:07 IST
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