ING Vysya Bank dropped 0.24% to Rs 921.80 at 11:30 IST on BSE after the Reserve Bank of India notified that the foreign holding in the bank has reached a trigger limit.
The Reserve Bank of India notified this after market hours yesterday, 23 February 2015.
Meanwhile, the S&P BSE Sensex was down 42.33 points or 0.12% at 28,941.33.
On BSE, so far 6,713 shares were traded in the counter as against average daily volume of 1.64 lakh shares in the past two weeks.
The stock hit a high of Rs 928.15 and a low of Rs 921 so far during the day. The stock had hit a record high of Rs 1,009.90 on 13 January 2015. The stock had hit a 52-week low of Rs 521.05 on 3 March 2014.
The stock had underperformed the market over the past one month till 21 February 2015, falling 4.8% compared with 1.04% fall in the Sensex. The scrip had, however, outperformed the market in past one quarter, gaining 13.12% as against Sensex's 2.26% rise.
The large-cap private sector bank has equity capital of Rs 191.37 crore. Face value per share is Rs 10.
The Reserve Bank of India yesterday, 23 February 2014, notified that the foreign shareholding through global depository receipts (GDRs)/American depository receipts (ADR)/ foreign direct investment (FDI)/non resident Indian (NRI)/persons of Indian origin (PIO)/foreign institutional investors (FIIs)/registered Foreign portfolios investors (RFPIs) in ING Vysya Bank has reached the trigger limit. Hence, further purchases of equity shares of this bank would be allowed only after obtaining prior approval of the Reserve Bank of India on behalf of FII/RFPI/NRI/PIOs and through FDI/ADR/GDRs under Schedule-I of FEMA.
The foreign investment limits are subject to Regulation of FEMA Notification No.20/2000-RB dated 3 May 2000 (as amended from time to time) and other terms and conditions stipulated by the Reserve Bank.
Meanwhile, ING Vysya Bank and Kotak Mahindra Bank, both, separately, announced on 20 February 2015, that Competition Commission of India (CCI) has approved the proposed combination in the nature of merger of ING Vysya Bank with Kotak Mahindra Bank under Section 31 (1) of the Competition Act, 2002. Kotak Mahindra Bank and ING Vysya Bank had announced amalgamation of ING Vysya with Kotak in the ratio of 725 shares of Kotak for every 1,000 shares of ING Vysya.
Foreign promoters held 42.51% stake in the bank as at 31 December 2014.
ING Vysya Bank's net profit fell 12.9% to Rs 145.69 crore on 13.8% rise in total income to Rs 1693.30 crore in Q3 December 2014 over Q3 December 2013.
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