The ESOP allotment committee of Kotak Mahindra Bank, at its meeting held on Oct. 31, 2008, has allotted 6,000 equity shares of Rs 10 each, pursuant to exercise of Employee Stock Option Plan (ESOP).

The board  allotted 180 equity shares under ESOP Scheme Series 2005/01, 5,400 equity shares under ESOP Scheme Series 2005/02 and 420 equity shares under ESOP Scheme Series 2007/02.

The bank registered a steep drop of 36.5% in net profits at Rs 478.65 million for the quarter ended September 2008 from a profit of Rs 753.81 million for the quarter ended September 2007.

Interest earned rose 26.07% to Rs 7,461.28 million for the quarter ended September 2008 from Rs 5,918.16 million for the quarter ended September 2007.

Shares of the bank gained Rs 10.75, or 3.3%, to settle at Rs 337. The total volume of shares traded was 654,089 at the BSE (Friday).