ING Vysya Bank raises Rs 970 cr through successful QIP, Preferential Placement

ING Vysya Bank Ltd successfully completed a Qualified Institutional Placement (QIP) of approximately INR 513 crs. 15 million Equity Shares of INR 10 each of the Bank were placed with QIBs at a price of INR 342.09 per equity share including a premium of INR 332.09. A preferential allotment of 13.26 million equity shares of INR 10 each will be made to the ING Group, at a floor price of INR 344.23, which will enable ING to maintain their stake in ING Vysya Bank at 43.93%. The total capital raised, from the QIP and Preferential Placement (PP) is INR 970 crores.

The QIP issue was opened on June 14, 2011 and closed on June 16, 2011, with a mix of domestic and foreign institutions participating in the issue. The lead bankers to the issue were IDFC Capital Ltd, JM Financial Consultants Pvt Ltd, Enam Securities Pvt Ltd.

The capital raised will be used to augment the capital adequacy and fund the growth aspirations of the Bank.

ING Vysya Bank Ltd is a premier private sector bank with retail, private and wholesale banking platforms that serve over 2.00 million customers. With 80  years of history in India and leveraging ING’s global financial expertise, a workforce of 6,939 employees staff, 510 branches and extension counters, 28 satellite offices and 403 ATMs to offer their clients an increasingly broad range of innovative and established products and services.

ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services to over 85 million private, corporate and Institutional clients in more than 40 countries.  With a diverse workforce of about 110, 000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.