Kotak Mahindra Prime Limited and Kotak Mahindra Investments Limited, the group companies of Kotak Mahindra Group are sponsors of Phoenix and together own 49.9% of the paid up Equity Capital of the Company. The balance equity capital is held by other investors each holding less than 10% of the Equity Capital.
Kotak Mahindra Group is a leading financial group with a global presence offering a wide range of financial services. The Group services over 62 lakh individual customers. Equity shares of Kotak Mahindra Bank Ltd, the parent company of the group are listed on BSE and NSE with a market capitalisation of INR 235 billion as on May 31, 2009. The Group has a consolidated capital adequacy ratio of 22.8% as on March 31, 2009.
Group ’s expertise in Asset Reconstruction
Kotak Mahindra Group is one of the pioneers in asset reconstruction business. In 1997, the Group realised the need for asset reconstruction and over a period of time built a strong team of specialists in this business. Buoyed by achievements in recovery of their captive NPAs, Kotak Group started offering their recovery services to other banks and NBFCs and demonstrated considerable success in recovering dues on their behalf. In 2004, Kotak Group commenced acquisition of portfolios of NPAs on cash basis. The first of such portfolios was acquired from a private sector bank in September 2004.
Thereafter the Group acquired NPAs from several banks and financial institutions including PSU Banks, private sector banks and NBFCs. The team has demonstrated its capabilities for timely identification of budding opportunities and closing large transactions within the exacting deadlines set by Seller banks.