Kotak Mahindra Bank, one of the leading private sector lenders, has acquired ING Vysya Bank. Kotak Mahindra Bank has considered and granted the approval for the amalgamation of ING Vysya Bank with itself.

Kotak Mahindra Bank has approved the share swap ratio of 725 equity of Rs 5 each of Kotak Mahindra Bank for every 1,000 equity shares of Rs 10 each held in ING Vysya Bank.

Post amalgamation shareholders of ING Vysya Bank will receive shares of Kotak Mahindra Bank in the aforementioned ratio, resulting in change in shareholding of Kotak Mahindra Bank.

Shares of the bank gained Rs 78.55, or 7.28%, to settle at Rs 1,157.05. The total volume of shares traded was 237,348 at the BSE (Thursday).