ING Vysya Bank, based in this city, has raised Rs 970 crore through qualified institutional placement (QIP) and preferential allotments to augment its capital adequacy ratio and fund future growth.
“The bank raised Rs 513 crore through issuance of 15 million shares to qualified institutional buyers at Rs 341.09 per share, including a premium of Rs 332.09 per equity share,” a bank statement said.
In addition to QIP, the private sector lender is to also raise Rs 457 crore through preferential allotment to its Amsterdam- headquartered promoter, ING Group, enabling the latter to maintain its stake in the bank at 43.93 per cent.
The QIP issue opened on Tuesday and closed on Thursday. The lead bankers to the issue were IDFC Capital, JM Financial Consultants and Enam Securities, the release said.
“The capital raised would augment capital adequacy and fund growth aspirations,” the statement added. Sector experts say proceeds from the issue would boost the capital adequacy ratio to 16 per cent from the current 12.9 per cent.
ING Vysya had a 34 per cent rise in net profit to Rs 91.3 crore in the fourth quarter (January-March) of the last financial year, on the back of higher growth in fee-based income. Total income rose 11 per cent to Rs 438.9 crore during this period, as compared with Rs 395 crore a year earlier.
However, operating profit dipped 20 per cent to Rs 143.2 crore, on account of an outgo of Rs 36 crore towards pension and gratuity.
