Kotak Mahindra Asset Managemnt Company (KMAMC), the asset management arm of Kotak Mahindra Bank, plans to raise between $50-100 million through Sharia funds in the Middle East. We are looking at tying up with some local players there and the fund will be launched sometime in June this year, said C Jayaram, executive director of the bank.
We are also in the process of raising significant amount by way of international real estate fund through several closing, he further said.
Through first of such closing we expect to raise in the range of $125-150 million, he added.
Uday Kotak, vice-chairman and managing director of the bank said I think the interest is coming close to peak.
The rise in rates will moderate advances growth and there will be some adjustment but there will not be significant impact, he added. On the current level of rupee, he said that, there is a view in the market that the rupee is ahead of its fundamental (or market) value.
During the last financial year, the bank paid Rs 512.3 crore for the acquisition of stressed assets with total recoverable amount worth Rs 3300 crore.
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