ING Vysya Bank EGM on Nov 06, 2007 for QIP Issue

ING Vysya Bank Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on November 06, 2007, inter alia, to transact the following:

1. To amendment in the Article of Association of the Company by way of insertion of new Articles numbered 84A, Clause h) & i) to Article 91, Clause I) to Article 96 and substitution of Article 83 and Article 99A.

2. To offer, issue and allot upto 7,475,276 Equity shares in one or more tranches, by way of Qualified Institutional Placement ("QIP") to Qualified Institutional Buyers ("QIB") in terms of Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 ("SEBI DIP Guidelines"), whether or not such investors are existing members of the Company, at a price not less than the price as determined in accordance with relevant provisions of SEBI DIP Guidelines and on such terms and conditions as may be deemed appropriate by the Board at its absolute discretion and wherever necessary in consultation with Lead Managers in accordance with the applicable laws, rules, regulations and guidelines prevailing in this regard, subject to necessary provisions & approvals.

3. To offer, issue and allot, in one or more tranches, by way of preferential issue, up to 6,072,762 equity shares of Rs 10/- each ("Equity Shares") for cash at a premium to the floor price of Rs 258.34 per Equity Share as determined by the Board of Directors in accordance with the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 ("SEBI DIP Guidelines") to ING Mauritius Holdings and ING Mauritius Investment I ("Preferential Issue"), in accordance with the applicable laws, rules, regulations and guidelines prevailing in this regard, subject to necessary provisions & approvals.

Source : Equity Bulls

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