Kotak Bank Declines Taking Decision On ING Vyasa

Kotak Mahindra has denied the recent media reports, which stated that the company has taken a decision pertaining to ING Vysya acquisition or merger. The company clarified its stance on a plausible takeover of ING Vysya by Kotak Mahindra today.

“No decision has been made by our bank in relation to any merger or acquisition transaction. If the bank takes a decision to undertake such a transaction, the same being unpublished price sensitive information, the bank shall make a disclosure…,” said the company in a clarification sought by National Stock Exchange.

According to the media reports on Wednesday, Kotak Bank was likely to merge ING Vysya with itself in the 2:2.5 ratios. The deal was expected to be signed within a month. The news of the merger has resulted in the shares of Kotak bank and ING Vysya to rally by 7% each on Thursday.