Kotak Mahindra Bank gains after CCI nod for Kotak-ING Vysya Bank merger

Kotak Mahindra Bank gained 1.11% to Rs 1,311.85 at 10:30 IST on BSE after the bank said that the Competition Commission of India has approved the proposed merger of ING Vysya Bank with Kotak Mahindra Bank

The bank made the announcement after market hours on Friday, 20 February 2015.

Shares of ING Vysya Bank gained 1.33%.

Meanwhile, the S&P BSE Sensex was up 95.58 points or 0.33% at 29,326.99.

On BSE, so far 19,127 shares were traded in the counter as against average daily volume of 1.47 lakh shares in the past two weeks.

The stock hit a high of Rs 1,345 and a low of Rs 1,309.05 so far during the day. The stock had hit a record high of Rs 1,440 on 15 January 2015. The stock had hit a 52-week low of Rs 662.55 on 24 February 2014.

The stock had underperformed the market over the past one month till 20 February 2015, falling 7.08% compared with 1.55% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 12.13% as against Sensex's 4.15% rise.

The large-cap private sector bank has an equity capital of Rs 386.04 crore. Face value per share is Rs 5.

ING Vysya Bank and Kotak Mahindra Bank, both, separately, announced that Competition Commission of India (CCI) has approved the proposed combination in the nature of merger of ING Vysya Bank with Kotak Mahindra Bank under Section 31 (1) of the Competition Act, 2002. Kotak Mahindra Bank and ING Vysya Bank had announced amalgamation of ING Vysya with Kotak in the ratio of 725 shares of Kotak for every 1,000 shares of ING Vysya.

Kotak Mahindra Bank's consolidated net profit rose 21.2% to Rs 716.61 crore on 20.3% rise in total income to Rs 5323.46 crore in Q3 Decemebr 2014 over Q3 December 2013.

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