Bloomberg News

ING Vysya Said to Raise $117 Million in Sale to Large Investors

June 15, 2011

June 15 (Bloomberg) -- ING Vysya Bank Ltd., the Indian unit of the biggest Dutch financial services company, raised 5.24 billion rupees ($117 million) selling shares to institutional investors, according to two people with knowledge of the deal.

The bank sold 15.3 million shares at 342.09 rupees apiece in the transaction that closed today, the people said, declining to be named because the details aren’t public yet.

The share sale was about 2 times oversubscribed and institutional investors including Wellington Financial LP and DSP BlackRock Mutual Fund bought the shares, one of the people said.

ING Groep NV owns 43.2 percent in Bangalore-based ING Vysya, which has board approval to sell another 13.2 million shares. ING will now buy shares via a preferential allotment to retain its stake, the people said.

ING Vysya’s shares rose 1.8 percent to 346.90 rupees as of 9:34 a.m. local time. Enam Securities Pvt., IDFC Capital Ltd. and JM Financial Ltd. are managing the share sale, a document obtained by Bloomberg News yesterday showed.

--Editors: Mohammed Hadi, Sam Nagarajan

To contact the reporter on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net


Silicon Valley State of Mind
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus