CCI gives nod to Kotak Bank-ING Vysya merger deal

NEW DELHI, Feb 21: The Competition Commission of India (CCI) has given approval for merger of ING Vysya Bank with Kotak Mahindra Bank.
“CCI has approved the proposed combination in the nature of merger of ING Vysya Bank Ltd with Kotak Mahindra Bank Ltd under Section 31 (1) of the Competition Act, 2002,” ING Vysya Bank said in a statement yesterday.    According to the merger scheme, for every 1,000 shares held by the shareholders of ING Vysya, 725 shares of Kotak will be allotted to them.
CCI found the merger would not affect competition as there are other bigger players in the banking sphere.  (UNI)

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