Kotak Mahindra Bank surges over 6.3% on NSE
New Delhi: Kotak Mahindra surged 6.30 per cent on the NSE on Friday, after the company decided to acquire mid-sized lender ING Vysya Bank in an all-share transaction to strengthen its position ahead of entry of new players.
It was quoting at Rs 1,230, up 6.3 per cent, or Rs 72.95, at Rs 1,227.50 as against Rs 1,156.70 at close yesterday.
The merger would be done through a share swap in which 725 equity shares of Rs 5 each of Kotak Mahindra will be issued for every 1,000 shares of Rs 10 each held in ING Vysya Bank.
The transaction would be subject to approval of shareholders of both the banks as well as statutory approval from RBI and Competition Commission of India, it said.