Shareholders of the Mumbai-based Kotak bank approved the merger proposal at an extraordinary general meeting in Mumbai on Wednesday. The exchange ratio has been fixed at 725 Kotak shares with 1, 000 ING Vysya shares.

As part of a cost-cutting plan, the bank is now dismantling its stock broking, equity research, and equity listing desks worldwide, cutting around 200 jobs and exiting a business that it views as non-core and unprofitable.

"I think the media is stretching the issue a bit too long. I have already spoken on this issue several times. Now, it is time to forget it. The place where I spoke was not a political stage. If people are so hurt by my statement, then a strict law should be brought against a family that has more than two or three children. If people think I said something wrong, I am ready to be hanged for that," he said, in an interview.

It comes at a time when UTI is looking to consolidate under a new chief after being headless for a few years. The market conditions have improved dramatically and this could have helped the fund house, which still has the best mix of funds, be it the asset type (equity vs debt) and the geographical spread, to surge forward.

Earlier, a task force headed by Nandan Nilekani, Chairman of the UIDAI recommended a commission of 3.14 per cent to be paid for all DBTs handled by banks and business correspondents. However, provision for the expenditure was not made in previous budgets.

Total promoter holding in Infosys has declined by nearly 300 basis points to 13.8% at the end of the third quarter from 15.92% in the second quarter ended September 30, 2014. FIIs shareholding in the software giant has decreased by 109 basis points to 41.58% from 42.67% in past three months.

At an extraordinary general meeting, shareholders of the Mumbai-based private bank approved the merger proposal. The exchange ratio has been fixed at 725 shares of Kotak with 1, 000 shares of ING Vysya.

The woman had died yesterday evening while undergoing treatment at a private hospital but her death was reported today, said Charan Singh, Additional Director in-charge of Public Health, Health department.

Mumbai-based Tata Motors, which has finally found its footing in the car market after the launch of a compact sedan few months ago, is eager to unleash its second model Bolt (a hatchback). Bolt will be launched on January 22.

Till 0937 hours, a combined 11.91 million shares have already changed hands on the counter on the BSE and NSE.