ING Vysya Bank raises Rs.513.14 crores through QIP

The duly authorised Committee of the Board of Directors of ING Vysya Bank at its meeting held on June 16, 2011, decided to close the bidding and approved the issuance of 15,000,014 Equity shares of face value Rs.10 each at a price of Rs.342.09 per Equity share (including a premium of Rs. 332.09 per Equity share) aggregating to Rs.513.14 crore (approx.)

The ING Vysya Bank has fixed the floor price as Rs.342.09 per Equity share 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. The Relevant Date for this purpose, in terms of Regulation 81(c) (i) SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, is June 14. 2011.

ING Vysya Bank Ltd has issued 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 stock closed the day at Rs.329.40, down by Rs.6.90 or 2.05%. The total traded quantity was 0.52 lakhs compared to 2 week average of 0.17 lakhs.

The stock hit an intraday high of Rs.343.85 and low of Rs.328.20.

Source : Equity Bulls

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