Kotak-ING Vysya Merger Gets Shareholders Nod
Kotak Mahindra Bank has secured its shareholders' approval for amalgamation of Bangalore-based ING Vysya Bank with itself.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore.
The extraordinary general meeting of Kotak Mahindra Bank held on Wednesday approved a share exchange ratio of 725 equity shares of the bank for every 1,000 equity shares of ING Vysya Bank, both companies said in a filing to the BSE.
Following the merger, Kotak Mahindra Bank would become the fourth-largest private sector bank.
The merger is subject to approval of the Reserve Bank, Competition Commission of India and other such approvals as may be required, Kotak Mahindra Bank said.