ING Vysya Bank has received an approval for raising debt in the form of Infrastructure Bonds in the nature of Debentures not exceeding Rs 250 crore. The board of directors at their meeting held on September 22, 2014 has approved form the same.
The board also approved issuance of Tier I and/or Tier II Debt not exceeding Rs 450 crore as revised from the earlier approved amount of Rs 700 crore by their meeting held on July 22, 2014.
The bank reported an 18.11% drop in net profit at Rs 143.40 crore for the quarter ended June 30, 2014, due to higher provisioning for bad assets. The Bangalore-headquartered private sector lender had posted a net profit of Rs 175.12 crore for the corresponding quarter last fiscal year.
