Kotak Mahindra Bank rose 1.48% to Rs 1,063 at 14:30 IST on BSE after the bank said that its asset management subsidiary will acquire domestic schemes of PineBridge Mutual Fund.
The announcement was made during trading hours today, 19 September 2014.
Meanwhile, the BSE Sensex was up 31.71 points, or 0.12%, to 27,143.92.
On BSE, so far 20,000 shares were traded in the counter, compared with an average volume of 94,441 shares in the past one quarter.
The stock hit a high of Rs 1,068.50 and a low of Rs 1,048.30 so far during the day. The stock hit a record high of Rs 1,086.10 on 9 September 2014. The stock hit a 52-week low of Rs 630.80 on 14 February 2014.
The stock had outperformed the market over the past one month till 18 September 2014, rising 8.31% compared with 2.73% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 9.11% as against Sensex's 7.39% rise.
The large-cap private sector bank has an equity capital of Rs 385.45 crore. Face value per share is Rs 5.
Kotak Mahindra Asset Management Company, a wholly-owned subsidiary of Kotak Mahindra Bank, has executed definitive agreement to acquire the domestic schemes of PineBridge Mutual Fund (PBI MF), subject to regulatory approvals. PBI MF is managed by PineBridge Investments Asset Management Company (India).
Gaurang Shah, President Asset Management, Life Insurance and International Business, Kotak Mahindra Bank, said "We have agreed to acquire the schemes of PineBridge Mutual Fund. The assets included are equity oriented which provides a further enrichment to our equity base. We have an appetite for further acquisitions which can create value for us and we would be keen to consider such opportunities."
The fund houses share common investment philosophies of selecting robust companies with good management quality. This provides an optimal platform for smooth and efficient integration of the schemes. As of 31 August 2014, the Assets under Management (AUM) of Kotak Mahindra Mutual Fund (KMMF) is approximately Rs 37000 crore and the AUM of PBI MF is approximately Rs 660 crore.
Kotak Mahindra Bank's net profit rose 6.69% to Rs 429.80 crore on 1.27% growth in total income to Rs 2686.11 crore in Q1 June 2014 over Q1 June 2013.
Kotak Mahindra group is one of India's leading financial services conglomerates. The group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector.
Powered by Capital Market - Live News
