Kotak Mahindra Prime today said it will raise Rs 400 crore by issuing non-convertible debentures (NCDs) on a private placement basis.
“The company intends to issue secured, redeemable, non-convertible debentures of the face value of Rs 10,00,000 each, amounting to Rs 400 crore, on a private placement basis,” Kotak Mahindra Prime said in a BSE filing.
Kotak Mahindra Prime (KMPL) is a subsidiary of Kotak Mahindra Bank, primarily formed to finance passenger vehicles.
It finances 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.