Private sector Kotak Mahindra Bank has secured its shareholders' approval for amalgamation of Bengaluru-based ING Vysya Bank with itself.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
The Extraordinary General Meeting of Kotak Mahindra Bank held on Wednesday approved a share exchange ratio of 725 equity shares of the bank for every 1,000 equity shares of ING Vysya Bank, both companies said in a filing to the BSE.
Following the merger, Kotak Mahindra Bank would become the fourth-largest private sector bank.
The amalgamation was approved by 99.30 per cent in number representing 99.93 per cent in value of the shareholders present, it said.
The approval came amid protest from ING Vysya Bank employees.
The merger is subject to approval of the Reserve Bank, Competition Commission of India and other such approvals as may be required, it added.
