Kotak Mahindra Bank held its Extraordinary General Meeting on 7 January 2015 for seeking the approval of its shareholders for the scheme of amalgamation of ING Vysya Bank with Kotak Mahindra Bank for every 1,000 equity shares of ING Vysya Bank with a share exchange ratio of 725 equity shares of Kotak Mahindra Bank for every 1,000 equity shares of ING Vysya Bank.
The amalgamation was approved by 99.30% in number representing 99.93% 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.
Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance (KMFL), the group’s flagship company, received a banking licence from the Reserve Bank of India (RBI).