Kotak Mahindra Bank Ltd (“Kotak”) today announced the listing of new equity shares of the merged entity on the Stock Exchanges today. As per the scheme of merger, shareholders of ING Vysya Bank receive 725 shares of Kotak Mahindra Bank for 1,000 shares of ING Vysya Bank. Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank rang the ceremonial bell at National Stock Exchange (NSE), Mumbai to mark the occasion.
Shareholders of ING Vysya Bank were issued 13,92,05,159 equity shares of Rs. 5/- each. The trading for the new shares will be effective April 27, 2015.
Uday Kotak said, “It is heartening that shareholders of both the organisations 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.”
“The merger brings two strong players, with deep Indian roots and global standards of service. I am confident that the merged entity will tap the immense growth potential the country has to offer, and contribute to India’s transformation”, added Kotak.
Effective April 1, 2015, ING Vysya Bank Ltd has merged with Kotak Mahindra Bank Ltd creating a Rs 2 trillion institution (consolidated). The merged entity – Kotak Mahindra Bank Ltd. now has a significant national footprint of 1,250+ branches and 1,900+ ATMs spread across 640+ locations, affording it the capacity and means to serve customers better.
The opportunities and synergies of this merger will create a Bigger, Bolder, Better Kotak, and will place all stakeholders on a new trajectory of growth, excellence and leadership.