ING Vysya Bank is planning to raise Rs 350 crore as fresh capital through a qualified institutional placement to fund its growth and augment the capital adequacy ratio (CAR).
The Bangalore-based private sector bank, which is issuing 7.47 million equity shares, will seek shareholders’ approval at an extraordinary general body meeting on November 6.
The board, which met on Saturday, has also approved a preferential allotment of 6.07 million shares to ING Mauritius Holdings and ING Mauritius Investment. ING holds 43.86 per cent stake in ING Vysya Bank.
Read more in The Business standard article.
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