ChrysCapital invests $31m in Karur Vysya Bank

The investor acquired 4.2 million shares in Karur Vysya from both the Bombay Stock Exchange (BSE) and National Stock Exchange on Friday. The Tamil Nadu-based bank's shares closed at INR372.85 apiece on the BSE, down 2.23%.

ChrysCapital - which purchased its shares at INR 179.99 - now sits alongside fellow Karur Vysya investors Argonaut Ventures (1.03 %), GMR Group (4.93%) and Rakesh Jhunjhunwala (4.27 %) in the company's capital structure.

Over the past nine months, Karur Vysya increased its net revenues by 19% to INR8.9 billion, while its net profit rose 20% to INR354.9 million.

In a separate deal, ChrysCapital has also upped its stake by more than 1% in Bangalore-based ING Vysya Bank. The firm recently invested INR400-500 million to hold 3.7% of the bank, according to VCCircle.

ChrysCapital has been acquiring ING Vysya shares since last June, when it bought a more than 5% stake in collaboration with five other funds, including Morgan Stanley and India Advantage Fund, for about $70 million.

The stake was purchased through the bank's $114.4 million qualified institutional placement, and Aberdeen, Bajaj Allianz Life Insurance and Kotak India Growth Fund also participated.

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• Topics
• Financials
• PIPEs
• South Asia
• PIPE
• India
• ChrysCapital Management
• Financial Services