The merger of Kotak Mahindra Bank with ING Vysya Bank has secured the nod from shareholders.
The amalgamation will be carried out through a share swap, wherein 725 equity shares of Kotak Mahindra will be issued for every 1,000 shares of ING Vysya Bank.
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Following the merger announced on November 2014, Kotak Mahindra will become the fourth largest private sector lender in India. The combined entity will comprise 1214 branches across the country.
However, the merger is yet to receive the go-ahead from the Reserve Bank of India, Competition Commission of India.
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