Private lender ING Vysya Bank today said it plans to raise funds by issuing up to 28 million equity shares to the promoters and qualified institutional players.
The bank did not specify the amount to be raised from the proposed offers. At the today's closing price of Rs 342.25 apiece on the Bombay Stock Exchange (BSE), the bank would raise up to Rs 976 crore through the offer.
"Shareholders of the bank have approved a fund raising by bank through further issue of capital up to 28 million shares by way of preferential issue to promoters and qualified institutional placement to institutional buyers," ING Vysya Bank said in a filing to the BSE.
The filing said up to 15 million shares will be sold to institutional buyers through a qualified institutional placement and up to 13 million equity to the bank's promoters, ING Mauritius Holdings and ING Mauritius Investments I.
Last month, the board of the bank approved the fund raising plan.
