Kotak Mahindra Prime said Tuesday it will raise Rs 50 crore by issuing debentures on a private placement basis.
“The company intends to issue secured, redeemable, non- convertible debentures of the face value of Rs 10 lakh each, amounting to Rs 50 crore, on a private placement basis,” it said in a BSE filing.
Kotak Mahindra Prime Ltd (KMPL) is a subsidiary of Kotak Mahindra Bank, primarily formed to finance passenger vehicles.
It offers financing 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.