Zee Media Bureau
New Delhi: Private sector lender Kotak Mahindra Bank on Thursday announced its merger with ING Vysya Bank in an all transaction.
However, the merger will be subject to approval by shareholders, the Rerserve Bank of India and the Competition Commission of India.
According to reports, the board of Kotak Bank has approved the merger.
Amid reports of the merger, shares of Kotak Mahindra Banks and ING Vysya surged by over seven percent in the stock markets today.
While shares of Kotak Bank surged 7.28 percent to settle at Rs 1,157.05 at the closing on the BSE, its shares in intra-day session jumped 7.89 percent to touch its one-year high of Rs 1,163.70.
Similar buying was seen at ING Vysya Bank counter whose shares rallied 7.15 percent to end at Rs 814.20. During the day, it zoomed 13.81 per cent to Rs 864.80 -- its 52-week high.
With PTI Inputs
