Kotak Mahindra, ING Vysya shares soar following merger buzz
Shares of ING Vysya Bank and Kotak Mahindra Bank are witnessing aggressive buying on unconfirmed reports that Kotak Mahindra Bank to acquire ING Vysya Bank and may merge ING with itself.
ING Vysya shares were up by Rs. 103 (13.7 per cent) to quote at Rs. 863.70. Shares of Kotak Mahindra Bank have moved up by Rs. 75 to (7 per cent) to quote at Rs. 1153 at 11.40 a.m.
The BSE (Bombay Stock Exchange) and NSE (National Stock Exchange) have stated that clarification was sought following reports that Kotak Mahindra Bank may merge with ING Vysya in a 2:2.5 ratio.
ING Vysya Bank replied stating “We are aware of the Company’s disclosure obligations under Clause 36 of the Listing Agreement. The Company will abide by its obligations to make appropriate disclosures as and when such disclosures are necessitated by decisions taken by the Company.”
Kotak Bank has in its communication to the NSE, clarified that, “No decision has been made by our Bank in relation to any merger or acquisition transaction. If the Bank takes a decision to undertake such a transaction, the same being unpublished price sensitive information, the Bank shall make a disclosure in accordance with Clause 36 of the listing agreement”.