ING to increase stake in Vysya Bank to 49%
Our Banking Bureau
01 July 2002
The ING group expressed its interest in increasing its holding to the Vysya Bank management as the current regulations for foreign direct investment (FDI) in banking companies permit foreign banks to raise their stakes in Indian peers to 49 per cent.
The Vysya Bank board considered the interest of ING and accorded its no-objection to the proposal, says Vysya Bank corporate secretary M V S Appa Rao.
The ING group had recently proposed to acquire 54.36 lakh fully paid-up equity shares of Rs 10 each of Vysya Bank, representing 23.99 per cent from the GMR group, a privately owned conglomerate.
These shares, proposed to be acquired at an average price of Rs 626.92 per share, will enable ING to enhance its holding to around 44 per cent in the bank from the existing level of 20 per cent.