Anand Mahindra is a great Industrialist and Intellect, known as a great decision maker. When recently Kotak Mahindra Bank surged ahead of ICICI bank in terms of market value to become second largest private sector bank, Anand Mahindra recalled his best decision he had ever made in his life.
Anand Mahindra had made an investment of Rs 1,00,000 November 1985 in Kotak Group. The value has now worth Rs 14,00 crore which yielded 40% returns when compounded over the past 32 years. An early backer of Kotak Group, Anand Mahindra tweeted about this, hailing that it is the best decision ever made by him.
Kotak Mahindra Group was incorporated in 1985 as Kotak Capital Management Finance Limited which is promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. In 1986, Industrialists Anand Mahindra and Harish Mahindra held stakes in Kotak Group and that is when the name was changed to Kotak Mahindra Finance Limited.
In 2003, the Kotak Mahindra Finance Limited was converted to Kotak Mahindra Bank transforming into a fully commercial bank. In 2015, ING Vysya Bank was taken over by Kotak Mahindra Bank to hold a national footprint with over 1,350 branches.
Just a week ago, Billionaire Kotak Bank's market capitalization rose to Rs 1,60,152 crore based on March 21st closing stock price on the Bombay Stock Exchange, compared with Rs 1,55,507 crore for ICICI Bank according to the data compiled by ETIG Database.
Over the past one year, ICICI Bank shares rose over 14%, while Kotak Mahindra Bank carried an impressive 32% gain.
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