Kotak Mahindra to acquire ING Vysya Bank

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)