Kotak Mahindra Bank share price up 3% as board to consider declaration and payment of dividend

The Record Date fixed for the purpose of payment of dividend is March 19, 2021, the bank said. The stock price witnessed spurt in volume by more than 3.86 times and was trading with volumes of 863,002 shares, compared to its five day average of 137,952 shares, an increase of 525.58 percent.

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Kotak Mahindra Bank share price gained over 3 percent intraday on March 9 as the Board of Directors of the bank will meet on March 12 to consider the declaration and payment of dividend.

The meeting of Board of Directors of Kotak Mahindra Bank Limited will be held on Friday, March 12, 2021 to consider and approve the declaration and payment of dividend on 1,00,00,00,000 shares, 8.10 percent non-convertible perpetual non-cumulative preference shares of face value of Rs 5 each as per the terms of issue, the company said in an exchange filing.

“The Record Date fixed for the purpose of payment of dividend is March 19, 2021,” it added.

The stock was trading at Rs 1,973.20, up Rs 57.95, or 3.03 percent at 14:26 hours. It has touched an intraday high of Rs 1,989.15 and an intraday low of Rs 1,917.80.

The scrip also witnessed spurt in volume by more than 3.86 times and was trading with volumes of 863,002 shares, compared to its five day average of 137,952 shares, an increase of 525.58 percent.

In a separate news development, the bank said some of its customers saw excess debits from their bank accounts on March 8 due to an error caused by a state-run bank. Kotak Mahindra bank has reversed all such excess debits, the bank said.

“A PSU Bank has claimed wrong amounts in the settlement file for card transactions done at merchant establishments managed by the PSU Bank’s POS,” said Rohit Rao, Chief Communication Officer, Kotak Mahindra Group, told Moneycontrol in an email response.

“This has resulted in excess debit from customers’ bank accounts on March 8. All such excess debits have already been reversed,” Rao said. Kotak did not specify the name of the PSU bank. On March 8, a few customers of the bank took to Twitter to complain of excess debits from their Kotak Mahindra Bank accounts.