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The merger was approved by 99% of the shareholders present in the EGM, Kotak Mahindra said in a press release. Photo: Mint
The merger was approved by 99% of the shareholders present in the EGM, Kotak Mahindra said in a press release. Photo: Mint

Kotak Mahindra, ING Vysya merger gets shareholders’ nod

Both banks will now approach RBI and CCI among others to set the merger in motion

Mumbai: Shareholders of Kotak Mahindra Bank Ltd and ING Vysya Bank Ltd have approved their merger in separate extraordinary general meetings (EGM) held on Wednesday, both banks said.

Shareholders’ nod is the first among several approvals the banks must win before making the merged entity operational.

Both banks will now approach the Reserve Bank of India (RBI) and the Competition Commission of India (CCI) among others to set the merger in motion, they said in separate press releases.

The merger was approved by 99% of the shareholders present in the EGM, Kotak Mahindra said in a press release.

Separately, ING Vysya said 89% of the shareholders present in the meeting on Wednesday approved its merger into Kotak Mahindra.

In November, both banks had announced their intention to merge ING Vysya into Kotak Mahindra Bank in an all-share deal in what is the biggest private sector bank merger in India.

The merger involves swapping 725 shares of Kotak for 1,000 shares of ING Vysya.

At 10:10am, ING Vysya Bank was trading at 892.15 on BSE, up 1.6% from its previous close, while India’s benchmark Sensex Index rose 0.8% to 27,135.94 points. Kotak Mahindra Bank rose 1.4% to 1,289.

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