ING Vysya to raise up to Rs 976 cr through preferential issue

Private lender ING Vysya Bank today said it plans to raise funds by issuing up to 2.8 crore equity shares to the promoters and qualified institutional players.

The bank did not specify the amount to be raised from the proposed offers. At the today's closing price of Rs 341.85 apiece on BSE, the bank would raise up to Rs 976.71 crore through the offer.

"The board of the bank has approved a fund raising by bank through further issue of capital up to 2.8 crore shares by way of preferential issue to promoters and qualified institutional placement to institutional buyers," ING Vysya Bank informed the Bombay Stock Exchange.

The filing said that up to 1.5 crore shares will be sold to institutional buyers through a qualified institutional placement, and up to 1.3 crore equity to the bank's promoters, ING Mauritius Holdings and ING Mauritius Investments I.

The bank has appointed a five-member committee to oversee the fund-raising plan.