ING 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.

Meanwhile, the bank has appointed Shailendra Bhandari as its Managing Director and CEO, after getting necessary approval from the Reserve Bank of India few days ago. Bhandari recently worked as the Head of Private Equity at Tata Capital, besides serving as a Managing Director and CEO of Centurion Bank of Punjab.

Commenting on Bhandari's appointment, ING Vysya Bank Chairmam, K R Ramamoorthy, said: "Shailendra brings to the table extensive experience and a proven track- record of growing business and creating shareholder value. My fellow directors and I are confident the bank is well-positioned to unleash its tremendous potential for growth." Stocks of Vysya bank surged 3.29 per cent and traded at Rs 220, with a total of 401,514 shares changing hands at the BSE by 10.00 a. m.