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ING Vysya Bank to mop up Rs 899 crore via QIP issue

26 Jun 2013 Evaluate

ING Vysya Bank is planning to mop up Rs 899 crore under tier-I capital through issue of qualified institutional placement (QIP). The bank has fixed a floor price of Rs 624.55 per equity share and will issue 14.39 million equity shares with a face value of Rs 10 each to qualified institutional buyers on Wednesday.

Early this year, the bank had said it planned to raise up to Rs 2,000 crore to shore up its capital base and that it would raise the amount through a preferential issue to the promoters, along with a QIP.

The bank’s net profit for the quarter ended March 31, 2013 has surged by 33.68% at Rs 170.30 crore for the quarter as compared to Rs 127.39 crore for the quarter ended March 31, 2012. The bank has a capital adequacy ratio of 13.2 per cent.

Peers
Company Name CMP
HDFC Bank 774.60
ICICI Bank 1256.60
Axis Bank 1257.95
Kotak Mahindra Bank 368.75
Indusind Bank 921.00
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