Kotak Mahindra-ING Vysya merger gets The shareholders' approval
- Recently, the Private sector Kotak Mahindra Bank has secured its shareholders' approval for amalgamation of Bangalore-based ING Vysya Bank with itself.
- Earlier,in November2014, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore.
- After the merger, Kotak Mahindra Bank would become the fourth-largest private sector bank.
- The amalgamation was approved by 99.30 % in number representing 99.93 % in value of the shareholders present.
- The approval came amidst protest from ING Vysya Bank employees.
- The merger is subject to approval of the Reserve Bank, Competition Commission of India and other such approvals as may be required.