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.