ING Vysya Bank

No drastic job cuts post KMB-ING Vysya merger: Uday Kotak

Mumbai - Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.

While ING has around 10,000 employees, Kotak Bank has around 29,000.

"We believe total number of employees will grow over time, but we don't see any dramatic reduction in the net number of people in a hurry," the Executive Vice-Chairman and Managing Director of Kotak Bank Uday Kotak told PTI after he announced the merger deal last evening.

ING Vysya fourth quarter net profit up by 38%

ING Vysya fourth quarter net profit up by 38%India's leading private sector lender ING Vysya Bank has announced its fourth quarter financial results. The bank has informed that its net profit has gone up by 38.22% for the particular quarter ended in 31st March, 2010. The net profit of the firm has been reported to stand at Rs 67.91 crore.

However, the total income of the company has declined to Rs 715.82 crore for the same period while it was around Rs 756.78 crore during the forth quarter in the preceding fiscal year.

ING Vysya Bank to raise Rs 416 crore

ING Vysya Bank to raise Rs 416 crorecING Vysya Bank on Monday said it will raise Rs 416 crore by issuing shares to potential buyers and allotting equity on preferential issue basis.

The investors committee has approved to issue 92.70 lakh shares to qualified institutional buyers at Rs 248.10 a piece aggregating to Rs 230 crore and to allot 74.93 lakh shares to ING Mauritius Holdings and ING Mauritius Investments at Rs 248.10 a share on preferential basis, aggregating to Rs 186 crore.

After touching an intraday high of Rs 266, the scrip of the company finally settled the day at Rs 260 on BSE.

ING Vysya Bank successfully raises Rs 415 crore

ING Vysya Bank successfully raises Rs 415 crore Private sector lender ING Vysya Bank has informed that it successfully completed a Qualified Institutional Placement (QIP) of Rs 230 crore.

The bank issued 92,70,455 shares at Rs 248.10 a piece totaling to Rs 230 crore to qualified institutional buyers (QIP).

The lender stated in an official communiqué, that a preferential allotment of 7,493,478 equity shares will be made to the ING Group, at the same price, which will enable the parent ING to maintain their stake at 43.93% in the Indian arm.

ING Vysya Bank gets board approval to raise funds

ING Vysya Bank gets board approval to raise fundsING Vysya Bank has received the requisite nod from its board of directors, at a meeting held on Aug 5, to raise funds through global depository receipts (GDR), foreign currency convertible bonds (FCCB), qualified institutions placement (QIP) or preferential issue of shares.

The bank may issue up to 24,109,456 equity shares after getting approval from stakeholders and concerned regulatory authorities.

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