Shareholders have approved merger of Kotak Mahindra Bank and ING Vysya Bank with a share exchange ratio of 725:1000.
Shareholders have approved merger of Kotak Mahindra Bank and ING Vysya Bank with a share exchange ratio of 725:1000.
"The amalgamation was approved by 99.30 percent in number representing 99.93 percent in value of the shareholders present. 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," a press statement said.
The extraordinary general meeting (EGM) of the members of ING Vysya Bank and Kotak Mahindra Bank was held in Bengaluru and Mumbai respectively.
Post the merger that was announced on November 20, 2014, Kotak Mahindra Bank will become the fourth largest private sector lender in India . The merger will 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 swap ratio indicates price of Rs 790 for each ING Vysya Bank share.
Kotak Mahindra stock price
On January 08, 2015, at 09:20 hrs Kotak Mahindra Bank was quoting at Rs 1288.00, up Rs 17.30, or 1.36 percent. The 52-week high of the share was Rs 1312.00 and the 52-week low was Rs 630.80.
The company's trailing 12-month (TTM) EPS was at Rs 21.01 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 61.3. The latest book value of the company is Rs 159.07 per share. At current value, the price-to-book value of the company is 8.10.
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