November 20, 2014 / 12:51 PM / in 3 years

India's Kotak Mahindra to acquire ING Vysya Bank

MUMBAI, Nov 20 (Reuters) - Indian private lender Kotak Mahindra Bank Ltd said on Thursday its board had approved the acquisition of local rival ING Vysya Bank Ltd , in which Dutch lender ING Groep NV owns about 43 percent, in an all-stock deal.

The board approved a swap ratio of 725 shares of five rupees each of Kotak Mahindra for every 1,000 shares of ING Vysya of 10 rupees each, the bank said in a statement, adding the deal is subject to regulatory approvals. (Reporting by Sumeet Chatterjee and Devidutta Tripathy; Editing by Subhranshu Sahu)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below