Reported by: banking|Updated: April 27, 2015
Kotak Mahindra Bank announced the listing of new equity shares after the merger of ING Vysya Bank in the bank on the Stock Exchanges. Speaking on the occasion, Uday Kotak, vice chairman and managing director of the bank, rang the ceremonial bell at the National Stock Exchange to mark the occasion. He said it is heartening that shareholders of both the organizations approved this merger with overwhelming support. “As a result, with this auspicious bell ringing ceremony, we delightfully welcome all shareholders of ING Vysya Bank into the Kotak family,” he added. The merger brings two strong players, with deep Indian roots and global standards of service, he said adding the merged entity will tap the immense growth potential the country has to offer, and contribute to India’s transformation. As per the scheme of merger, shareholders of ING Vysya Bank will receive 725 shares of Kotak Mahindra Bank for 1,000 shares of ING Vysya Bank. Shareholders of ING Vysya Bank were issued 13,92,05,159 equity shares of Rs. 5 each. The merged entity, which will retain the name of Kotak Mahindra Bank has a significant national footprint of 1,250+ branches and 1,900+ ATMs spread across 640+ locations.
Uday Kotak ringing the ceremonial bell. Seen at the function are Chitra Ramakrishna, MD & CEO, National Stock Exchange, and C. Jayaram, Jt-MD, Kotak Mahindra Bank.