Mumbai, May 20 (TIWN) Kotak Mahindra Bank Limited (KMBL Bank) on a Thursday announced that it has issued the first-ever FPI (foreign portfolio investment) license to the GIFT IFSC AIF (alternate investment fund) of True Beacon Global.

Sachin Samant, President - Banking & Financial Institutions Group, Kotak Mahindra Bank, said, "Foreign portfolio investments are now a reality through GIFT IFSC. As pioneers in this field, we look forward to on-boarding new investors and providing them with a wide range of services catered towards their investments."

Tapan Ray, MD & Group CEO, GIFT City, said, "The first FPI license of True Beacon as an Alternate Investment Fund by Kotak Custody marks a new beginning in the journey of the Fund business in GIFT IFSC. Alternative Investment Fund (AIF) is an important business vertical at GIFT IFSC and offers huge benefits and a competitive edge for setting up Fund in IFSC at GIFT City. We are witnessing huge interest from a large number of India centric AIFs to set-up their base in GIFT IFSC."

Richard Pattle, Co-founder and CEO, True Beacon, said, "GIFT City provides an attractive avenue to invest into India. The establishment of True Beacon Global at GIFT City is an exciting new chapter for us. Undoubtedly, India is one of the most compelling investment destinations for ultra-high net worth individuals and institutional investors globally. We look forward to playing our part in attracting foreign capital to the country. We are grateful to Kotak for playing a pivotal role in procuring the FPI licence for us and look forward to continuing our partnership with them."

Shares of KOTAK MAHINDRA BANK LTD. was last trading in BSE at Rs.1708.55 as compared to the previous close of Rs. 1730.7. The total number of shares traded during the day was 205672 in over 11979 trades.

The stock hit an intraday high of Rs. 1735.95 and intraday low of 1705.35. The net turnover during the day was Rs. 353540371.