ING Vysya has planned to rise up to Rs 976 crore through preferential issue

By | May 16, 2011

A recent press report said that ING Vysya Bank, the private lender has planned to raise funds by issuing up to 28 million equity shares to the promoters and qualified institutional players.

The bank has not yet mentioned about the amount that is to be raised from the proposed offers. Reports said that with reference to the current closing rate of Rs 342.25 a piece on the Bombay Stock Exchange (BSE), the bank is expected to raise up to Rs 976 crore through the offer.

In a filing to the Bombay Stock Exchange the bank said that the Shareholders of the bank have approved a fund raising through further issue of capital up to 28 million shares by way of preferential issue to promoters and qualified institutional placement to institutional buyers. According to the filing it is expected that up to 15 million shares will be sold to institutional buyers through a qualified institutional placement and up to 13 million equity will be sold to the bank’s promoters, ING Mauritius Holdings and ING Mauritius Investments I.

The bank offers Home Loan, Home Equity Loan, Personal Loan, NRI Loan and Education Loan.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *