ING Vysya Bank spurts on receiving merger approval with KMBL

ING Vysya Bank Ltd.(Amalgamated) | Bank - Private | BFSI | BSE: 531807 | NSE: INGVYSYABK

08 Jan 2015 Evaluate

ING Vysya Bank is currently trading at Rs. 903.65, up by 25.40 points or 2.89 % from its previous closing of Rs. 878.25 on the BSE.

The scrip opened at Rs. 893.15 and has touched a high and low of Rs. 906.95 and Rs. 888.00 respectively. So far 32698 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 890.00 on 05-Jan-2015 and a 52 week low of Rs. 493.00 on 04-Feb-2014.

Last one week high and low of the scrip stood at Rs. 890.00 and Rs. 849.85 respectively. The current market cap of the company is Rs. 17250.25 crore.

The promoters holding in the company stood at 42.73 % while Institutions and Non-Institutions held 43.70 % and 13.57 % respectively.

ING Vysya Bank has received shareholders approval for scheme of amalgamation of Kotak Mahindra Bank (KMBL) 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 KMBL for every 1,000 equity shares of ING Vysya Bank. The amalgamation was approved by 89.04% in number representing 96.89% 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.