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Kotak Mahindra Bank Limited.
The erstwhile Sponsor company, Kotak Mahindra Finance
Limited (KMFL) was converted into Kotak Mahindra Bank
Limited (Kotak Bank) in March 2003 after being granted
a banking license by the Reserve Bank of India. Thus,
the Sponsor of the Fund is Kotak Bank. KMFL promoted by
Mr. Uday S. Kotak, Mr. S. A. A. Pinto and Kotak &
Co., was incorporated on November 21, 1985 under the name
Kotak Capital Management Finance Limited. In early 1986,
the promoters were joined by Late Mr. Harish Mahindra
and Mr. Anand G. Mahindra and the Company's name was changed
to Kotak Mahindra Finance Limited. Kotak & Co. (now
Kotak & Co. Limited) is a highly respected trading
company of Mumbai, with international business.
Mr. Uday Kotak, a scion of the Kotak family, was an outstanding
student through school, Sydenham College (Bombay University)
and Jamnalal Bajaj Institute of Management Studies (Bombay
University). Mr. S. A. A. Pinto, trained as a lawyer,
has held senior positions in well-known organisations
like ICI and Grindlays Bank. For instance, he was part
of the team in Grindlays Bank, which started the first
merchant banking unit in India in 1968. Mr. Harish Mahindra
was an industrialist of repute and had played a prominent
role in social service and public life, thereby earning
him high esteem. Mr. Anand Mahindra, an MBA from Harvard
University, is the Managing Director of one of India's
most reputed industrial firms, Mahindra & Mahindra
Limited. KMFL started with a capital base of Rs. 30.88
lakh. From being a provider of a single financial product,
KMFL grew substantially during the seventeen years of
its existence into a highly diversified financial services
company and has now converted into a Bank. As on September
30, 2005, the net worth of Kotak Bank is around Rs. 800
crore and combined with its subsidiaries, the Group net
worth (before minority interest) is around Rs. 2,000 crore.
There are over 47,000 shareholders of Kotak Bank. The
Sponsor and its subsidiaries / associates offer wide ranging
financial services such as loans, lease and hire purchase,
consumer finance, home loans, commercial vehicles and
car finance, investment banking, stock broking, primary
market distribution of equity and debt products and life
insurance. The group has offices in over 88 Indian cities
and also present internationally in Mauritius, London,
Dubai and New York. Kotak Mahindra (UK) Limited, an ultimate
subsidiary of Kotak Bank, is the first company owned from
India to be registered with the Financial Services Authority
in UK. Kotak Mahindra Old Mutual Life Insurance Limited
is a joint venture between Kotak Bank and Old Mutual Plc
based in the UK and with large presence in the South African
insurance market. Some of the other subsidiaries of Kotak
Bank are Kotak Mahindra Securities Limited, Kotak Mahindra
Prime Limited, Kotak Mahindra International Limited, Kotak
Mahindra Private-Equity Trustee Limited, Kotak Mahindra
Investments Limited, Kotak Mahindra Inc., and Kotak Forex
Brokerage Limited.The Sponsor has been consistently profitable
and dividend paying company since inception. All group
companies are professionally run companies, employing
over 20,000 professional staff including CAs, MBAs and
Engineers.
Click
here for the Sponsor's Financials
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