Kotak Mahindra Bank gains as its arm acquires passenger vehicle finance portfolio of FCIPL
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Kotak Mahindra Bank is currently trading at Rs. 1771.05, up by 7.95 points or 0.45% from its previous closing of Rs. 1763.10 on the BSE.
The scrip opened at Rs. 1788.00 and has touched a high and low of Rs. 1788.00 and Rs. 1769.30 respectively. So far 18172 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 2252.45 on 27-Oct-2021 and a 52 week low of Rs. 1627.25 on 30-Jul-2021.
Last one week high and low of the scrip stood at Rs. 1860.40 and Rs. 1721.75 respectively. The current market cap of the company is Rs. 352324.81 crore.
The promoters holding in the company stood at 26.00%, while Institutions and Non-Institutions held 57.87% and 16.13% respectively.
Kotak Mahindra Bank’s subsidiary company -- Kotak Mahindra Prime (Kotak Prime) has acquired the passenger vehicle finance portfolio of Ford Credit India (FCIPL), the Indian captive financing arm of Ford Motor Company. FCIPL has been operating in India since 2015. The acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of Rs 425 crore. FCIPL customers will transition to Kotak Prime in a planned manner over the next few months.
In September 2021, Kotak Mahindra Group had announced the acquisition of the vehicle financing loan portfolio of Volkswagen Finance, comprising passenger cars, two-wheelers and commercial vehicles.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
