Announcing this to the media in Bangalore on Tuesday, Ramamoorthy said IFC had picked up the stake to subscribe to 10 per cent of the post-issue capital (22,65,945 equity shares) of the bank at a price of Rs 150 per share at a premium of Rs 140 per share, against the Securities and Exchange Board of India's (Sebi) estimation of 135.25 per equity share, he said.

Ramamoorthy said Bank Brussels Lambert (BBL), the strategic partner was also planning to up its existing stake in Vysya Bank through subscription to additional 2.5 per cent equity of 5,66,455 equity shares.

It may be recalled that, BBL had increased its holding in the bank from 9 per cent to 20 per cent in November last year, by subscribing to 22,03,600 equity shares at Rs 150 per share (Rs 140).

He said, the board of directors of the bank at a recent meeting had approved the proposals while necessary consent of the shareholders would be sought at the ensuing annual general meeting scheduled on May 29.

The proposed equity stake of IFC and BBL would be subject to obtaining required clearances from the Foreign Investment Promotion Board (FIPB) and other regulatory bodies, he said.

By implementing the proposal, the share capital of Vysya Bank would increase from Rs 19.82 crore to Rs 22.66 crore and would further result in an inflow of Rs 39.66 crore by way of share premium, Ramamoorthy said.

Meanwhile, Vysya Bank has posted a profit after tax (PAT) of Rs 44.31 crore during fiscal 1999-2000 marking a 46 per cent growth over Rs 30.54 crore last year. During the period, the company's net income from operations stood at Rs 793.82 crore (Rs 725.49 crore) while other income was at Rs 186.74 crore (Rs 111.61).

The bank's gross profit before depreciation and provisions during the fiscal was at Rs 140.84 crore (Rs 70.47 crore) while its profit before provisions was at Rs 120.62 crore (Rs 61.88 crore).

During the fiscal, the bank's reserves and networth have improved considerably at Rs 570.48 crore (420.60 crore) and Rs 590.24 crore (Rs 437.78 crore) respectively.

During the period, Vysya Bank has registered an asset growth of 27.5 per cent. Its deposits, advances and investments stood at Rs 7,425 crore, at Rs 3,938 crore and at Rs 2,736 crore respectively.