ING Vysya Bank, Kotak Mahindra Bank gain on merger report

Shares of ING Vysya Bank and Kotak Mahindra Bank have rallied by up to 6% in early trade on BSE on reports that Kotak Mahindra Bank in final stages to buy the bank.

The BSE said that the Exchange has sought clarification from Kotak Mahindra Bank Ltd with respect to the media report appearing on ETNOW on November 19, 2014 titled "Kotak Bank may merge ING VYSYA with itself in the ratio 2:2.5, deal likely to close within one month.”

Shares of ING Vysya Bank rallied 7.4% to Rs 813, also its record high on BSE. The trading volumes on the counter almost doubled with a combined 789,000 shares changed hands on BSE and NSE.

Kotak Mahindra Bank too gained nearly 4% to Rs 1,121 on BSE. A combined around 419,000 shares changed hands till 0930 hours on BSE and NSE.

Kotak Mahindra Group