ING Vysya selling shares to raise up to $117 mn: sources

ING Vysya selling shares to raise up to $117 mn: sources

Mumbai: India’s private-sector lender ING Vysya Bank has launched a share sale to institutional investors to raise up to 525 crore ($117 million), two sources with direct knowledge of the deal said on Tuesday.

The shares are being sold at a floor price of 342.09 each, the sources said, declining to be named as the matter is not public yet. The floor price represents a discount of 0.3% over ING Vysya’s stock price on Tuesday.

Officials at ING Vysya and at the banks could not immediately be reached by Reuters for a comment.

Shares in ING Vysya, which was formed after Dutch financial services group ING took over the management of erstwhile Vysya Bank in 2002, ended 0.4% lower at 340.95 in the Mumbai market that closed up 0.3%.

Indian investment banks JM Financial , Enam and IDFC Capital are the bookrunners for the share sale, the sources said.

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