ING Vysya hits new high

ING Vysya seems to be on a roller coaster ride today. The stock opened at Rs.622 and went on to hit a new 52-week high at Rs.629.30 and it has since then come off that high and is barely holding onto the green at Rs.624.95, up barely less than 1%.

The stock hit a high on news of its fund raising plans. Without specifying a time frame, the Bank stated that by preferential allotment to promoters and institutional buyers, it plans to raise a maximum of Rs.2000 crore through fresh issue of capital of up to 3 crore equity shares.

Its Dutch parent company holds 43.93% stake in the Bank and other investors in the bank are Kotak India Growth Fund II and India Advantage Fund Series III. ING Vysya Bank was formed when the erstwhile Vysya Bank Ltd and ING merged in October 2002.