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Kotak Mahindra Bank shares rose about 0.5 per cent in the early trade on the equity indices NSE and BSE, as it got listed with the combined strength of ING Vysya shares on Monday.
As Kotak Bank chief Uday Kotak rang the opening bell on the NSE, the shares of Kotak Bank (combined with the merged ING Vysya shares) opened almost flat at Rs 1,368.80 (previous close at Rs 1,368.25) per share.
Within the first few minutes of trade, it rose to Rs 1,373.40 per share, up Rs 5.50 (0.38 per cent) on the NSE.
On the BSE, Kotak Bank shares were trading higher by Rs 9 (0.66 per cent) at Rs 1,377.45 per share, after opening at Rs 1,370.
Private sector lender Kotak Mahindra Bank has allotted 13.92 crore equity shares of Rs 5 each to ING Vysya Bank shareholders as part of the merger of the two lenders in an all-share deal.
Trading for the new shares was with effect from today April 27, 2015.
In November last year, Kotak had announced the acquisition of mid-sized private sector ING Vysya Bank in an all-share deal worth about Rs 15,000 crore.
As part of the deal, 725 equity shares of Rs 5 each (face value) of Kotak Mahindra were to be issued for every 1,000 shares of Rs 10 each held in ING Vysya Bank.
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