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History of Kotak Mahindra Bank Ltd.

1985

- The Comp. was incorporated on 21st November 1985 under the name Kotak Capital Management Finance limited The Comp. has been promoted by Mr Uday S Kotak, Mr S.A.A Pinto & Kotak and Company. The company obtained the certificate of commencement of business on 11th February 1986 & the Existing promoters were joined by Mr Harish Mahindra and Mr Anand Mahindra. The company name was changed on 8th April 1986 to its present name Kotak Mahindra Finance Ltd.

- The Comp. deals in Bill discounting, leasing & hire purchase, corporate finance, management of fixed deposit mobilisation, financing against securities, money market operations, consumer finance, investment banking & clients' money management.

1990

- 3,08,770 No. of equity shares subscribed for by promoters, directors, 3,41,230 No. of equity shares allotted as rights as on 28.3.89. 19,50,000 shares issued as bonus [6,50,000 shares in prop. 1:1 as on 29.7.89 & 13,00,000 shares in prop. 1:1 as on 27.2.91s].

1991

- An application was made to SEBI for approval for setting up a Mutual Fund trust & an asset management company. The newly set up Corporate Advisory Services Group received several mandates for advice on mergers and acquisitions & re-structuring.

- The Company newly established Foreign Exchange Risk Management Service carters to the vast potential demand for price risk management. The Comp. established itself as a major leasing & hire-purchase company & as a source of finance for purchasers of automobiles.

1992

- In January, the Comp. offered & allotted 15,50,000 - 14% secured partly convertible debentures of Rs 90 each for a total value of Rs 13.95 crores in the following manner: [is] 2,00,000 debentures to promoters, directors, etc. [iis] 77,500 debentures to employees [including working directorss]/workers on preferential basis [iiis] 12,72,500 debentures to Indian public through prospectus.

- Additional 30,000 debentures to promoters, directors, etc., 9,500 debentures to employees & 1,93,000 debentures to Indian public were allotted to retain oversubscription.

- As per the terms of debenture issue, a portion of Rs 45 of each debenture of Rs 90 was to be converted into 1 equity share of Rs 10 each at a premium of Rs 35 per share as on the date of allotment of the debentures. Accordingly 17,82,500 No. of equity shares allotted as on 25th February, 1992, being the date of allotment of debentures. The non-convertible portion of Rs 45 of each debenture would be redeemed at par in three equal instalments of Rs 15, Rs 15 & Rs 15 at the end of 7th, 8th & 9th year respectively from the date of allotment of debentures.

- In April, the Comp. has raised Rs. 18 crores by issue of Commercial Paper which has been awarded P1 + rating by Credit Rating and Information Services of India limited [CRISILs] indicating highest standards of safety.

1993

- During February, the Comp. issued 69,82,500 Rights equity shares of Rs 10 each at a premium of Rs 15 per share in proportion 1:1 [all were taken-ups]. Additional 13,950 shares were allotted to those who had applied for additional shares.

- The Comp. issued through a Prospectus 44,00,000 No. of equity shares of Rs 10 each for cash at a premium of Rs 140 per share of which the following were reserved for allotment [is] 1,30,000 shares to promoters, directors, their relatives etc., [iis] 25,000 shares to Foreign/Indian Financial Institutions [all were taken ups]. Of the remaining 50,000 shares reserved for allotment on a preferential basis to employees [only 34,600 shares taken ups]. Another 5,55,000 shares to NRIs were reserved on non-repatriation basis [all were taken ups].

- Balance 36,40,000 shares, along with 15,400 shares not taken up by employees', were offered for public subscription.

- At the 8th Annual General Meeting held on 28th September the Company has reserved 61,22,000 No. of equity shares of Rs 10 each for cash to be allotted at such issue price as may be decided by board to Foreign Institutional Investors and/or, Foreign and/or Indian Pension and/or Mutual and/or other Funds and/or Institutions, Banks, Companies, Bodies and/or individuals and/or Groups of Individuals.

- The Company newly set up Corporate Advisory Services Group received several mandates for advice on mergers & acquisitions and re-structuring & some have already been executed with success.

1994

- The Comp. entered into a Memorandum of Understanding with KB Currency Advisors Inc. USA to market their Foreign Exchange Fund Management programme.

- 183,65,500 Rights equity shares issued in prop. 1:1. 11,800 No. of equity shares forfeited.

- The Comp. has received the approval of Securities & Exchange Board of India [SEBIs] for setting up a Mutual Fund.

1995

- The Comp. issued 4,00,000 - 17% Secured Redeemable Non-convertible Debenture of Rs 2500 each including 96000 - 16% NCDs reserved for NRIs/URB [only 9510 taken-ups]. Unsubscribed portion of 90 debentures issued to the public. These are redeemable at par on 7.3.2001 with an option for early redemption up to a maximum of 5% of issue amount every year.

- The Comp. entered into a joint venture agreement with Ford Credit International Inc. [FCIs], a subsidiary of Ford Motor Credit Co., USA. It was proposed to finance all non Ford Passenger cars.

- Kotak Mahindra Capital Comp. became a subsidiary of Company.

1996

- The Company operations were affected by liquidity crunch, scarcity of resources, sluggishness in the capital markets & the overall deceleration of economic growth.

- The Comp. has entered into a MOU with the Chubb Corporation, New Jersey, U.S.A., one of largest American Insurance firms, to develop a Joint Venture dedicated to the conduct of casuallity & property insurance business in India.

- The Comp. has invested a sum of about Rs 200 lakhs in Matrix Information Services private limited [Matrixs], a Comp. formed for providing comprehensive value added information to business & general users. Matrix is a wholly owned subsidiary of company.

- The Comp. has divested its entire holding of 20,00,070 No. of equity shares of Rs 10 each of Kotak Mahindra Securities limited [KMSLs] and 20,00,000 ordinary shares of US $ 1 each of Kotak Mahindra International Ltd.

- Hamko Financial Services Ltd., Kotak Mahindra Securities Ltd., provides of broking services to institutional & corporate clients, Kotak, Mahindra Asset Management Company, Kotak Mahindra International Ltd., an offshore Comp. & Kotak Mahindra [UKs] Ltd., are all subsidiaries of Company.

- The Company public issue of 400000 16-17% Secured Redeemable Non-Convertible Debentures of Rs.2500 each for cash at par aggregating Rs.100 crores in January.

1997

- In recognition of Company prudent funds management, CRISIL has assigned a rating of AA+ to the Company public issue of Non-Convertible Debentures & P1+ for all short term borrowings upto Rs.35000 lakhs.

- Kotak Mahindra Finance Ltd, has decided to venture into health insurance business.

- Kotak Mahindra Finance has launched a new consumer finance product called Kotak Mahindra K-Value.

- Hamko is a 100 per cent subsidiary of KMFL & investment in it was structured to avoid limitations of Section 372 under the Companies Act.

- The Comp. has diversified into various activities for which it has set up subsidiaries including broking, capital market activities, auto finance, etc.

1998

- Kotak Mahindra Asset Management Comp. Limited [KMAMCLs] launched its mutual fund schemes in December.

- The Comp. it would launch its mutual fund with two schemes -- KGilt Unit Scheme & K30 Unit Scheme.

- Kotak Mahindra Finance, is a joint venture with Goldman Sachs.

1999

- The `FAA' [pronounced `F double A's] rating assigned to the fixed deposit programme of Ford Credit Kotak Mahindra [FCKMs] has been reaffirmed.

- With the allotment to the Comp. of 50,000 equity shares of Rs. 10 each by Kotak Mahindra Trustee Comp. Limited [KMTCLs] on 12th May.

2000

- Kotak Mahindra Finance Ltd [KMFLs] & Chubb Corporation of US have decided to call off their joint venture for entering the general insurance business in India.

- The Comp. has decided to set up a venture capital fund with an initial corpus of Rs. 100 crore.

- KMFL has set up a new asset reconstruction division to offer recovery management services to players in the financial services industry.

- The Comp. Issue of 91,82,500 No. of Equity Shares of Rs. 10/- each for cash at a premium of Rs. 90/- per share aggregating Rs. 91,82,50,000 to the Equity Shareholders of Comp. on Rights basis in the ratio of one equity share for every our equity shares held on 15th February.

- Mr. K.K. Sheth has resigned effective from May 8.

- Kotak Securities an affiliate of Kotak Mahindra Finance Ltd., has launched electronic broking services for retail investors.

- Kotak Mahindra Finance is in talks with foreign insurers for a joint venture in the life insurance business.

- The Comp. has proposed to start-up capital of Rs 150 crore in its life insurance joint venture with Old Mutual, the UK based financial services group.

- The Comp. proposes to make the necessary applications to the RBI and the Insurance Regulatory & Development Authority for entering the life insurance business.

- OM Kotak Mahindra Life Insurance Company, the recently formed joint venture Comp. of Kotak Mahindra Financeand Old Mutual Plc has filed its application for approva of life insurance licence on 1st September.

- Kotak Mahindra Finance Ltd has been assigned Ind AAA rating [indicating highest credit qualitys] for its Rs.510 million medium term borrowing programme.

- Fitch India has assigned a rating of Ind AAA to the Rs 51-crore medium term borrowing program of Kotak Mahindra Finnance Ltd for high credit quality & negligible risk factor. 2001

- The Comp. recommended a swap ratio of 25 shares of KMFL for every share of Pannier Tradings which has a 75 per cent equity stake in Kotak Securities.

- The Bharath Petroleum Corporation Ltd [BPCLs] has decided to part ways with Kotak Mahindra, one of leading domestic financial services company, in its convenient store venture In and Out.

2002

-KMFL business has seen a fast growth with the total disbursement of commercial vehicle loan of Comp. in the last fiscal was tuned to Rs. 250cr.

-RBI has given in-principle approval to Kotak Mahindra Finance Ltd to convert itself into a bank, thereby becoming the first ever non-banking finance Comp. converted into a bank.

-Mr Uday Kotak says, there won't be any frsh capital infusion in the bank in the near future.

-KMFL informed BSE the FITCH ratings assigned: Fixed Deposit Programme - Ind AAA Non-Convertible Debenture - Ind AAA

-Mr.Ajay Sondhi has been appointed as the Additional Director of Kotak Mahindra Finance Ltd.

-Kotal Mahindra Finance Comp. has shortlisted i-flex solutions 'Flexicube' & 'Infosys', 'Finnacle' for its core banking solutions.

-KMFL has raised 76.22cr by selling securitised commercial vehicle loans to investors.

-CRISIL has assigned 'AAA[SOs]' rating for Rs.83cr securitisation Programme of Kotak Mahindra Finance Ltd.

-Mr.Uday Kotak has been appointed as the Executive Vice Chairman & Managing Director of company.

-Kotak Mahindra Finance Ltd has mobilised Rs.104.89cr , asset-backed securitisation of commercial vehicle receivables.

-Business Standard & Business Standard digital have ceased to be the subsidiaries of Kotak Mahindra Finance Ltd.

-Mr.C Jayaram & Mr. Dipak Gupta are appointed as whole time Directors on the Board of Kotak Mahindra Finance Ltd.

2003

-Madison Communications has won the Rs.30cr Kotak Mahindra media AOR account.

-The proposal of changing the name from 'Kotak Mahindra Finance Ltd' to 'Kotak Mahindra Bank Ltd' & the proposal to change the Authorised capital from 100,00,00,000 divided into 10,00,00,000 equity shares of Rs.10 each has been approved by company shareholders.

-RBI has granted licence to Kotak Mahindra Finance Ltd to embark on its banking business.

-O and M has got the creative Acc. of Kotak Mahindra Bank, & has said to be working professionally.

-Kotak Mahindra Bank has received a lot of interest from portfolio investors, private equity investors & potential strategic investors.

-Kotak Mahindra Bank has entered into an ATM sharing agreement with UTI Bank, which would allow KMB customer free access to around 800 ATM's.

-Kotak Mahindra Bank has started its operations in New Delhi by inaugurating a branch Cannaught place office.

-Dr.Shankar Acharya has been appointed as the Additional Director to the board of bank.

-The Board of Kotak Mahindra Bank Ltd accepts the resignation of Mr.S.A.A Pinto & Mr.M.R Punja as the Directors of Bank.

-Kotak Mahindra Investment Co limited PCC a subsidiary of Kotak Mahindra Capital Company has constituted itself from a private Comp. to a public limited co. & has changed its name to 'Global Investment Opportunities Fund Ltd'.

-Kotak Mahindra bank has unveiled several home finance products options which includes Home loan, Home equity Loan, Home loan transfer & Home improvement loans.

--Kotak Mahindra Bank launches online remittance services called, FUNDStoHOME for Non-resident Indians.

-In reponse to the repo rate cut by theRBI, the Kotak Mahindra Bank has reduced its lending rates in home loans.

-Kotak Mahindra Bank Limited has informed that the equity shares of Bank have been delisted from the Delhi Stock Exchange Association Ltd w.e.f December 10, 2003.

2004

-Kotak Mahindra Bank Limited has informed that the Bank equity shares will be delisted from The Stock Exchange, Ahmedabad with effect from January 20, 2004.

-Kotak Mahindra Bank sets up branch in Surat

-Kotak Mahindra Mutual Fund has launched Kotak Opportunities, an open-ended equity growth scheme

-Kotak Mahindra Bank inks pact with Reuters

2006

-Kotak Mahindra joins hand HDFC Bank to share ATMs.

2008

- Kotak Mahindra Bank launched credit cards for its customers.