Bangalore : ING Vysya Bank Ltd successfully completed a Qualified Institutional Placement (QIP) amounting to Rs. 881 crores. 14.39 million Equity Shares of Rs. 10 each of the Bank were placed with QIBs at a price of Rs. 612 per equity share including a premium of Rs. 602 per share. A preferential allotment of 15.61 million equity shares of Rs. 10 each will be made to the ING Group, at a price of Rs. 612 per equity share. The total capital raised, from the QIP and Preferential Placement is Rs. 1836 crores.

The QIP issue was opened on June 25, 2013 and closed on June 27, 2013. The QIP programme was well received amidst the challenging and uncertain macro-economic environment with significant interest from foreign and domestic institutional investors, reflecting their confidence in the Bank’s consistent performance.

The lead bankers to the issue were Axis Capital Ltd, Credit Suisse Securities India Pvt. Ltd. and J M Financial Institutional Securities Pvt Ltd. The capital raised will be used to augment the capital adequacy and support the growth of the bank.

Source : Sachin Murdeshwar