 "It's official: Kotak Mahindra Bank to acquire ING Vysya Bank")
Kotak Mahindra Bank today announced that it will acquire Bangalore-based ING Vysya bank in an all-stock deal.
Kotak Bank has approved a share swap ratio of 725 co equity shares of Rs 5 each for 1000 ING Vysya equity shares of Rs 10 each.
Uday Kotak Tweeted “I am excited to announce the merger of Kotak Mahindra Bank & ING Vysya Bank, subject to approvals. We will work to create stakeholder value.”
Shares of both banks soared over 7 percent intra-day on Thursday following media reports of merger on Wednesday.
Kotak Bank, promoted by Uday Kotak and family, has been scouting for an acquisition in the banking space for sometime now. On the other hand, the Dutch financial ING has been looking to exit ING Vysya Bank. Presently ING holds about 43% stake in the bank
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