The Hindu Business Line : Pref allotments trimmed, clarifies ING Vysya Bank

Bangalore, Nov. 13 The ING Vysya Bank has clarified that it raised only Rs 192.50 crore through the preferential placement of 62.09 lakh shares with qualified institutional buyers (QIB).

The Extraordinary General Meeting (EGM) last week had approved the issue of 74.75 lakh shares to QIBs. The final allotment to QIBs was done at a price of Rs 310 a share at a premium of Rs 300. Similarly, ING Vysya also pared the preferential placement to the ING Mauritius Holdings and ING Mauritius Investments, subsidiaries of the ING Groep, Netherlands. The EGM had approved the issue of 60.73 lakh shares to these two subsidiaries. But the actual allotment at Rs 310 a share to the ING subsidiaries would be only 50.81 lakh shares for raising Rs 157.50 crore.

As a result the total capital to be raised would be Rs 350 crore, an ING Vysya Bank release said. Accordingly, the paid-up capital rises to Rs 102.33 crore. Even after this, the ING Groep’s stake in ING Vysya would be only 43.93 per cent.

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