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Kotak Mahindra Bank, ING Vysya Bank announce merger

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10 years ago

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Mumbai: Leading mid-size banks Kotak Mahindra Bank (KMB) and ING Vysya Bank Ltd Thursday announced a merger to emerge as the fourth largest private bank in the country after ICICI Bank, HDFC Bank and Axis Bank.

The merger, approved by the boards of both banks earlier in the day, will take place in the swap ratio of 725:1000 shares, subject to approval of their respective shareholders and regulators. ING Vysya Bank investors will receive 725 shares of Kotak Mahindra Bank for every 1,000 shares they hold.

Kotak Mahindra Bank scrip, with a face value of Rs.5 per share, shot up 7.28 percent to Rs.1,157.05 at the end of Thursday’s trading from its opening price of Rs.1,098.90 on the Bombay Stock Exchange (BSE).

Similarly, ING Vysya Bank scrip, with a face value of Rs.10 per share, rose 7.15 percent to Rs.814.20 at the end of trading from its opening price of Rs.788 on the BSE.

The Bengaluru-based ING Vysya Bank is a multinational entity, with the Dutch ING Group holding about 70 percent of its equity, following its acquisition of the city-based Vysya Bank Ltd in 2002.

“I am excited to announce the merger of Kotak Mahindra Bank and ING Vysya Bank, subject to approvals. We will work to create stakeholder value,” Kotak Mahindra Bank vice-chairman and managing director Uday Kotak told reporters here.

The market value of the merged entity is estimated to be a whopping Rs.1 trillion (Rs.1 lakh crore).

“The merger will be on the basis of our stock’s average price of Rs.1,090 per share in 30 days’ of trading as against the average price of Rs.682 per share of ING Vysya Bank stock traded in the same period (30 days), Kotak said on the occasion.

 

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Apple is giving a huge discount on its gadgets: Details inside

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3 years ago

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May 5, 2022

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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