Kotak Mahindra listed shares of merged entity today

Post ING Vysya merger with itself, Mumbai-headquartered Kotak Mahindra Bank today listed new shares of the merged entity on stock exchanges today.

Shareholders of ING Vysya Bank were issued 13,92,05,159 shares of Rs 5 each.

The trading of new shares will be effective today, Kotak Mahindra Bank said in a BSE filing.

"As per the scheme of the merger, shareholders of ING Vysya receive 725 shares of Kotak Mahindra Bank for 1,000 shares of ING Vysya Bank," it said.

Effective April 1, 2015, ING Vysya Bank has merged with Kotak Mahindra Bank, creating a Rs 2-lakh crore institution (consolidated).

Kotak Mahindra Bank Executive Vice-Chairman and Managing Director Uday Kotak rang the ceremonial bell at the National Stock Exchange (NSE) to mark the occasion.

"It is heartening that shareholders of both the organisations approved this merger with overwhelming support. As a result, with this auspicious bell-ringing ceremony, we delightfully welcome all shareholders of ING Vysya Bank into the Kotak family... I am confident that the merged entity will tap the immense growth potential...," added Kotak.

The merged entity now has a significant national footprint of over 1,250 branches and 1,900 ATMs across 640 locations, it said.

The Kotak scrip closed 2.22 per cent lower at Rs 1,338.05 a share on the BSE today.