ING Vysya Said to Raise $147 Million in Institutional Share SaleRuth David and George Smith Alexander
ING Vysya Bank Ltd., the Indian lender backed by ING Groep NV, raised about 8.8 billion rupees ($147 million) selling shares to institutional investors at the top end of a marketed range, two people with knowledge of the matter said.
The Bangalore-based bank plans to raise another 9.5 billion rupees in a preferential allotment to Mauritius-based investment subsidiaries of ING Groep, according to terms for the deal obtained by Bloomberg News.
ING Vysya sold about 14.4 million shares to institutions at 612 rupees apiece, the people said, asking not to be identified as the information is private. The shares were offered at a range of 606 rupees to 612 rupees. Another 15.6 million shares will be sold to ING’s subsidiaries at 611.18 rupees each, the terms show.
JM Financial Ltd., Axis Bank Ltd. and Credit Suisse Group AG are managing the offering.
ING Vysya rose 0.11 percent to 606 rupees at 2:20 p.m. in Mumbai today. A spokesman for the bank didn’t immediately return calls seeking comment on final pricing of the share sale.