ING Vysya Bank plans to raise Rs 2k-cr

ING Vysya Bank has capital adequancy ratio of 13.2 %, looking at credit growth of 17 % on its current book size of Rs 34,370 crore

ING Vysya Bank, the Bangalore-based private sector lender, on Friday said it was planning to raise up to Rs 2,000 crore, through further issue of capital of up to 30 million equity shares or securities.

The bank said the amount would be raised by preferential issue to the promoters of the bank and qualified institutions’ placement to qualified institutional buyers.

ING Group, based in Netherlands, holds 43 per cent in the publicly held Indian arm.

ING Vysya Bank has a capital adequacy ratio of 13.2 per cent and is looking at credit growth of 17 per cent on its current book size of Rs 34,370 crore.

It had during June 2011 taken a similar route and raised Rs 970 crore, through a combination of preferential allotment to its Dutch promoter, ING, and qualified institutional placement.

The private sector bank has placed about 1.5 crore equity shares of face value Rs 10 each at Rs 342.09 per share, aggregating Rs 513 crore with qualified institutional buyers under QIP.

Further, the bank had raised Rs 457 crore through preferential allotment of about 1.33 crore equity shares to the promoters at Rs 344.23 per share.

The bank shares lost just under 0.3 per cent on Friday to close at Rs 617.15 a share on the National Stock Exchange.