ING Vysya and Kotak Bank Shares Rally on Merger Reports

Business

oi-Sneha

By Sneha B K

Updated: Thursday, November 20, 2014, 15:20 [IST]

Shares of ING Vysya Bank and Kotak Mahindra Bank surged to record high on Thursday after the reports of merger.

At 2.00 PM IST, shares of the ING Vysya were seen trading at Rs 827 higher by 8.70% after touching 52 week high at Rs 864.

Kotak Mahindra Bank surged by 6.44% to Rs 1148. The stock touched an intr-day high and 52 wek high at Rs 1163.

After the reports, the Exchange has sought clarification from ING Vysya 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"

ING Vysya Bank Ltd replied stating "We are aware of the Company's disclosure obligations under Clause 36 of the Listing Agreement. The Company will abide by its obligations to make appropriate disclosures as and when such disclosures are necessitated by decisions taken by the Company."

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