Kotak Mahindra Bank (KMFL) has received shareholders approval for scheme of amalgamation of ING Vysya Bank with itself. The shareholders of the bank at its Extraordinary General Meeting held on January 7, 2015 at Mumbai, has approved for the same.
The amalgamation is approved with a share exchange ratio of 725 equity shares of KMFL for every 1,000 equity shares of ING Vysya Bank. The amalgamation was approved by 99.30% in number representing 99.93% in value of the shareholders present.
Further, the merger is subject to the approval of Reserve Bank of India (RBI), Competition Commission of India (CCI) and such other approvals as may be required.
