ING Vysya Bank hits new high on fund raising plans

The private sector bank is planning to raise up to Rs 2,000 crore, through further issue of capital of up to 30 million equity shares or securities.

ING Vysya Bank is trading higher by 2% at Rs 626 after the private sector lender said it is planning to raise up to Rs 2,000 crore, through further issue of capital of up to 30 million equity shares or securities.

The stock opened at Rs 625 and touched a record high of Rs 629 on NSE. A combined around 70,764 shares changed hands on the counter till 1038 hours on NSE and BSE.

“The amount would be raised by preferential issue to the promoters of the bank and qualified institutions’ placement to qualified institutional buyers,” ING Vysya Bank said in a statement.

ING Group, based in Netherlands, holds 43% stake in the publicly held Indian arm.