Bangalore: ING group has proposed to buy out 23.99 per cent stake held by the GMR Vasavi group in Vysya Bank Ltd. The acquisition of this stake is expected to vault INGs holding to 43.99 per cent in the bank, the Dutch group said.
The buyout will involve transfer of 5.4 million shares of the GMR group. As a result, GMRs stake is expected to shrink to just 4 per cent in the bank.
Vysya Bank informed the Bombay Stock Exchange that the board, at its meeting, expressed support for the transaction as it was in the best interests of the bank and all its stakeholders.