ING Vysya fixes QIP issue price at Rs 310/shr

Bangalore based ING Vysya Bank has fixed its issue price for the qualified institution placement (QIP) at Rs 310 (a premium of Rs 300 per share) per equity share of the face value of Rs 10 each.

A decision to this effect was taken by the bank on the analysis of bids received from the QIP pursuant to the proposed issue of equity shares through QIP under Chapter XIII-A of SEBI (Disclosure & Investor Protection) Guidelines 2000.

The bank's board in a resolution on October 6 had conferred Enam Securities, the lead manager to the issue, the managing director and the chief financial officer to take a decision.

The QIP issue closed on November 8, 2007.

ING Vysya Bank is raising Rs 350 crore as fresh capital through a qualified institutional placement to fund its growth and augment the capital adequacy ratio (CAR).