PE firms participate in ING Vysya Bank share placement
A group of six funds, led by private equity players ChrysCapital, Morgan Stanley and India Advantage Fund, have bought a more than 5% stake in ING Vysya Bank for about INR300 crore ($70 million). The stake was purchased through the bank’s recent INR513 crore ($114.4 million) qualified institutional placement, the Economic Times reported.
According to QIP allotment details disclosed to the National Stock Exchange of India, the six funds - Aberdeen, Bajaj Allianz Life Insurance and Kotak India Growth Fund were the others - subscribed to over half of the placement at a time when fundraising was slowing due to unfavorable market conditions.
The allotment was finalized on June 16, with ING Vysya's stock trading at a 4% discount to the QIP price of INR342.10 a share.
Warhol, Morgan Stanley, Aberdeen and Bajaj Allianz were all adding to existing stakes in the bank, while India Advantage Fund and Kotak India Growth Fund came in as new investors.
ING Vysya, in which ING group holds a 43.4% stake, has now raised INR970 crore ($216.4 million) through a combination of the QIP and preferential allotments to promoters.
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