Kotak Life raises share capital by Rs 20 cr
Promoters of Kotak Life Insurance have announced infusion of equity by Rs 20 crore to augment paid up capital to Rs 317 crore for funding its expansion plan.
By PTI |
NEW DELHI: Promoters of Kotak Life Insurance have announced infusion of equity by Rs 20 crore to augment paid up capital to Rs 317 crore for funding its expansion plan.
The infused capital would be used as per the prudent capital adequacy norms towards augmenting Kotak Life Insurance's business volumes and its network, the company said in a statement on Monday.
Post the allotment of the additional rights shares, the shareholding pattern of the company remains the same with Old Mutual Plc holding pegged at 26 per cent and Kotak Mahindra Bank Ltd at 74 per cent in the joint venture, it said.
The Board has also declared a total return of 7 per cent including a 4 per cent bonus on its participating contracts for the financial year ended March 2006.
It is an increase of 25 basis points over the previous year return of 6.75 per cent, it said.
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