June 25 (Bloomberg) -- ING Vysya Bank Ltd. is seeking to raise as much as 18.4 billion rupees ($308 million) by selling shares to institutional investors, according to terms obtained by Bloomberg News.
The Bangalore-based lender backed by ING Groep NV is offering 30 million shares in a price range between 606 rupees and 612 rupees apiece, the terms show. JM Financial Ltd., Axis Bank Ltd. and Credit Suisse Group AG are managing the offering.
The sale will include a preferential allotment of 15.6 million shares to Mauritius-based investment subsidiaries of ING Groep, at 611.18 rupees per share, according to the terms.
Indian companies including state-run utility NTPC Ltd. and land developer DLF Ltd. raised about 366 billion rupees in additional share sales this year, at least 90 percent more than what they sold in the same period last year, data compiled by Bloomberg show. Citigroup Inc. ranked first managing this year’s sales.
Shares of ING Vysya gained 0.3 percent to 605.35 rupees at the close of trading in Mumbai. They have risen about 13 percent this year, compared with a 2.6 percent rise in the S&P BSE Sensex index, India’s benchmark, over the same period.
Proceeds from the sale will be used to shore up the bank’s capital, according to the terms.
-- Editor: Chris V. Nicholson