MUMBAI (Reuters) - Private lender Kotak Mahindra Bank Ltd said on Thursday its board had approved the acquisition of local rival ING Vysya Bank Ltd , in which Dutch lender ING Groep NV owns about 43 percent, in an all-stock deal.
The board approved a swap ratio of 725 shares of five rupees each of Kotak Mahindra for every 1,000 shares of ING Vysya of 10 rupees each, the bank said in a statement, adding the deal is subject to regulatory approvals.
(Reporting by Sumeet Chatterjee and Devidutta Tripathy; Editing by Subhranshu Sahu)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app