Kotak Mahindra Bank, ING Vysya Bank hit new high ahead of merger

Kotak Mahindra Bank hit high of Rs 1,475 and ING Vysya Bank touched high of Rs 1,055 on the NSE in intra-day trade.

Shares of Kotak Mahindra Bank and ING Vysya Bank have touched their respective lifetime highs today ahead of record date fixed for the merger.

At 1321 hours, shares of Kotak Mahindra Bank were up 1% at Rs 1,459 on the National Stock Exchange (NSE). It opened at Rs 1,447 and hit a record high of Rs 1,475 in early morning trade.

ING Vysya Bank too, up 1.3% at Rs 1,045 after hitting a lifetime high of Rs 1,055 on the NSE.

Today is the last trading day of ING Vysya Bank the bourses. Tomorrow, April 16, 2015, Kotak Mahindra Bank stock will turn ex-scheme of amalgamation on the NSE and  the Bombay Stock Exchange (BSE).

Kotak Mahindra Bank has fixed April 17, 2015 as the record date for the purpose of ascertaining the shareholders of ING Vyasa Bank who shall be entitled to the shares of Kotak Mahindra Bank in the ratio of 725 equity shares of Rs 5 each in the transferee bank i.e. Kotak Mahindra Bank for every 1000 equity shares of Rs 10 each held in transferor bank i.e. ING Vyasa Bank.

Earlier this month, Reserve Bank of India (RBI) had approved the scheme of amalgamation of ING Vysya Bank with Kotak Mahindra Bank. The scheme of amalgamation shall come into effect from April 01, 2015.