Kotak Bank allots 13.92 cr shares to ING Vysya's shareholders

Private sector lender Kotak Mahindra Bank today said it has alloted 13.92 crore shares to the shareholders of ING Vysya Bank as part of the merger of the two lenders in an all-share deal.

In November last year, Kotak Mahindra Bank had announced the acquisition of mid-sized private sector ING Vysya Bank in an all-share deal worth Rs 15,000 crore.

As part of the deal, 725 equity shares of Rs 5 each (face value) of Kotak Mahindra were to be issued for every 1,000 shares of Rs 10 each held in ING Vysya Bank.

At the meeting of the merger allotment committee of Kotak Bank held today, the committee has alloted pursuant to the scheme of amalgamation, over 13.92 crore shares of Kotak Bank as on the record date of April 17, it said in a filing to the BSE.

The merger, which would create India's fourth largest private sector lender, has already received the approval of the RBI and competition commission and the rebranding process is underway.

Following the share allotment, promoters hold 33.91 per cent stake in Kotak Mahindra Bank. Foreign holding in the bank stands at 48.55 per cent, while mutual funds, institutions and retail together holds 17.54 per cent in the bank.

Of the total foreign holding, FIIs hold 33.46 per cent, while foreign portfolio investors and foreign bodies hold 2.43 per cent and 8.11 per cent, respectively.

Shares of Kotak Bank were trading at Rs 1,368.50, down 0.11 per cent on the BSE.