Kotak Mahindra Bank secured its shareholders approval for amalgamation with ING Vysya Bank. It was announced by the Kotak Mahindra Bank on 8 January 2015.
The extraordinary General Meeting of Kotak Mahindra Bank approved a share exchange ratio of 725 equity shares of the bank for every 1000 equity shares of ING Vysya Bank.
The amalgamation was approved by 99.30 percent in number representing 99.93 percent in value of the shareholders present of Kotak Mahindra Bank. With this amalgamation, Kotak Mahindra Bank will become the fourth largest private sector bank.
In November 2014, Kotak Mahindra Bank had announced the takeover of ING Vysya Bank in an all-stock deal valued at 15000 crore rupees.
Who: Kotak Mahindra Bank
When: 8 January 2015