The Vysya Bank board today approved ING Group's proposal to increase its stake in the bank from 20 per cent to 43.99 per cent. The ING group will buy out 23.99 per cent stake from the GMR Group at Rs 626.92 per share. This is at a 32.3 per cent premium to today's close of Rs 473.85 on the Bombay Stock Exchange (BSE). The total cost of the acquisition works out to Rs 340.8 crore. ING proposes to rename the bank as ING Vysya Bank.
The acquisition is subject to approval of the Foreign Investment Promotion Board, the Reserve Bank of India (RBI) and the Insurance Regulatory Development Authority.
ING outfit Bank Brussels Lambert