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Kotak Mahindra (UK) Ltd raises JPY 12.47 billion India-dedicated Debt Fund
Singapore, July 30, 2012: Kotak Mahindra (UK) Ltd. a wholly owned subsidiary of India’s Kotak Mahindra Bank, in association with Sumitomo Mitsui Asset Management and SMBC Nikko Securities INC offered an open-ended debt fund for Japanese investors.
The Fund is one of the first few India-dedicated offshore debt funds that can invest both in offshore and onshore debt markets. The investment objective of the Fund is to provide shareholders with total returns by primarily investing in fixed income securities issued by companies of Indian origin or companies deriving a significant portion of their business from India. The Fund invests in Indian Rupee (INR) denominated fixed income securities issued in the domestic debt market, as well as Non-Indian Rupee denominated fixed income securities issued outside India.
Commenting on the fund launch, Ruchit Puri, Director and CEO of the Singapore branch of KMUK said, “The high prevailing yields in the Indian domestic debt market offer an attractive investment opportunity to foreign investors. The Government of India has been steadily opening up the domestic debt market for FIIs. The FII debt limit, now at USD 65 billion, has more than doubled in the past two years. The Indian offshore bond market has also substantially deepened with a whole new set of issuers tapping the dollar bond market. As the global sentiment improves, we would expect this trend to continue.”
KMUK offers asset management services to overseas investors looking to invest in India through a range of offshore funds and currently manages/advises funds worth USD 1.5 billion (as of 29 June 2012) across various strategies.
About Kotak Mahindra (UK) Limited
Incorporated in the United Kingdom and authorised and regulated by the Financial Services Authority, KMUK is a member of the London Stock Exchange and is registered with the Securities Exchange Board of India as a Foreign Institutional Investor (FII). With about eight years of experience, KMUK offers asset management services to overseas investors through a range of offshore funds. KMUK currently manages/advises assets worth USD 1.5 billion (as of 29 June 2012) across various strategies. KMUK has its branch offices in Singapore and Dubai which are regulated by the Monetary Authority of Singapore and the Dubai Financial Services Authority respectively. KMUK is also registered as an investment adviser with the Securities and Exchange Commission, USA. For more information, please visit http://investindia.kotak.com/
About Kotak Mahindra group
Established in 1985, the Kotak Mahindra group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group’s flagship company, received a banking license from the Reserve Bank of India (RBI). With this, KMFL became the first non-banking finance company in India to become a bank - Kotak Mahindra Bank Limited.
The Kotak Mahindra group has a consolidated net worth of Rs 13,430 crore (approx US$ 2.4 billion) as on June 30, 2012. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, and international offices in London, New York, California, Dubai, Abu Dhabi, Bahrain, Mauritius and Singapore. For more information, please visit the company’s website at http://www.kotak.com