The Hindu Business Line : ING Vysya Bank `sells off' Bharat Overseas stake

The deal for the takeover of Bharat Overseas Bank Ltd appears to have been consummated, with ING Vysya Bank announcing today that it had "sold off" its stake in the bank.

Neither the Chairman and Managing Director of Indian Overseas Bank, Mr T S Narayanasami, nor the heads of the other banks could be contacted for a confirmation, but industry sources say that the deal had been completed.

Indian Overseas Bank has a 30 per cent stake in BhOBL. Earlier this year, it entered into an agreement with the other six bank-shareholders of BhOBL to buy them out.

At the agreed price of Rs 155 a share, Bank of Rajasthan, which has the second highest stake of 16 per cent will get Rs 39 crore. ING Vysya Bank with 14.66 per cent will get Rs 36 crore, Federal Bank (10.67 per cent) Rs 26 crore, Karur Vysya Bank (10 per cent) Rs 24 crore, South Indian Bank (10 per cent) Rs 24 crore and Karnataka Bank (8.67 per cent) Rs 21 crore.

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ING Vysya Bank `sells off' Bharat Overseas stake