Chennai, Jan 8 (IANS): Shareholders of private sector ING Vysya Bank and Kotak Mahindra Bank Ltd have accorded their sanction to the scheme of amalgamation of the former with the latter at their respective Extraordinary General Meetings (EGM) held Wednesday, the banks said.

In a filing with the Bombay Stock Exchange (BSE), the Kotak Mahindra Bank said the amalgamation scheme was approved by 99.3 percent in number representing 99.93 percent in value of shareholders present at the EGM held in Mumbai.

The Kotak Mahindra Bank had sought the shareholders' approval for the scheme of amalgamation of ING Vysya Bank. The share exchange ratio was fixed at 725 equity shares of Kotak Mahindra Bank for every 1,000 equity shares of ING Vysya Bank.

The merger is subject to the approval of Reserve Bank of India (RBI), Competition Commission of India (CCI) and such other approvals as may be required.

Similarly shareholders of ING Vysya Bank gave their nod to the amalgamation scheme at the EGM held in Bangalore Wednesday, the bank said in a filing with BSE.