ING Vysya Bank approves issue of 9270455 shares

ING Vysya Bank Ltd has announced that in respect of issue of Equity shares of face value Rs. 10 each in the Bank to Qualified Institutional Buyers ("QIBs") under Qualified Institutions Placement in terms of Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI Regulations"), the duly authorised Committee of the Board of Directors of the Bank has, at its meeting held on September 08, 2009, decided to close the bidding, and approved the issuance of 9,270,455 Equity shares of face value Rs 10 each at a price of Rs 248.10 per Equity share (including a premium of Rs 238.10 per Equity share) aggregating to Rs 230 crore (approx.).

The Company has further announced that the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Regulation 85 (1) SEBI (Issue of capital and Disclosure Requirements) Regulations, 2009 is Rs 248.09 per Equity share, and the Relevant Date for this purpose, in terms of Regulation 81(c)(i) SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, is September 07, 2009.

The stock was trading at Rs.264.85, up by Rs.7.95 or 3.09%. The stock hit an intraday high of Rs.271 and low of Rs.260.

The total traded quantity was 366339 compared to 2 week average of 181314.

Source : Equity Bulls

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