Kotak Mahindra Bank, ING Vysya Bank hit new high

Shares of Kotak Mahindra Bank and ING Vysya Bank have surged almost 5% each, hitting their respective lifetime highs during intra-day trade on the National Stock Exchange (NSE).

Kotak Mahindra Bank has surged over 5% to Rs 1,313, while ING Vysya Bank too up 4.8% to Rs 888 on NSE.

On November 21, 2014, Kotak Mahindra Bank announced that it was acquiring Bengalaru-headquartered ING Vysya Bank in an all-stock deal. ING shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold.

ING Vysya Bank today informed BSE that "In accordance with the terms of the proposed merger and as assured by Kotak Mahindra Bank in its public statement, Kotak would respect and honour all employee-related contractual commitments of the Bank as agreed upon in the merger deal.

The Company will abide by its obligations to make appropriate disclosures as and when such disclosures are necessitated by decisions taken by the Bank, it added.

At 1515 hours, Kotak Mahindra Bank was up 5% to Rs 1,309, while ING Vysya Bank up 4.4% at Rs 884 on NSE.