India's ChrysCapital makes $108m partial exit from ING Vysa

The firm offloaded 3.8 million shares on the Bombay Stock Exchange (BSE) and 3.15 million shares on the National Stock Exchange (NSE) with each tranche priced at INR970 a share. Prior to the trade, ChrysCapital was ING Vysya's single largest shareholder with a 4.5% stake.

Formed in 2002 following a merger between ING Group and India's Vysya Bank, Banglore-based ING Vysya is India's seventh-largest private bank with 547 branches, 28 satellite offices and 470 ATMs nationwide.

According to AVCJ Research, ChrysCapital acquired its stake a decade ago across two transactions in 2004 and 2005. The firm now holds a 0.8% interest worth about INR1.67 billion. Shares in ING Vysya Bank closed at INR997.95 yesterday on the BSE.

The exit comes two months after Kotak Mahindra Bank agreed to buy ING Vysya in an all-share deal valuing the company at $2.4 billion. The proposed transaction - which has received shareholder approval and is now awaiting the green light from regulators - is expected to close later this year.

This represents the first liquidity event for ChrysCapital this year. The GP, which is expected to return to market with its seventh fund in the first half of 2015, completed five full or partial exits last year. They included NCC, Amtek Auto, Intas Pharmaceuticals, HCL Technolgies, and Gammon India.

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• Topics
• South Asia
• Exits
• Financials
• India
• Financial Services
• ChrysCapital Management
• Exit
• Sell down