Kotak Mahindra finds a healthy breeze by acquiring its shareholders permission to amalgamate ING Vysya. Kotak Mahindra on such a acquisition would become the fourth largest private bank in the country with 1214 branches. It is estimated to acquire ING Vysya for Rs.15000 crore.
It is decided to provide 725 shares of Kotak Mahindra for every 1000 shares of ING Vysya. Ater this announcement ING Vysya seemed to take a high hit in stock markets. Kotak’s shares hit up to 5.53% and ING Vysya rised up by 5.41% which brought an endless smile among shareholders. One among the ING Vysya’s director can join Kotak Mahindra.
Though it seems to be a good news for shareholders and customers, employees are affected to some extent as their requirements are not fulfilled. Union General Secretary had stressed the point on employee’s interest in merging with the nationalized bank and also a demand for tripartite agreement has been put up by the employees.
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Well written.