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Vijaya Bank to raise Rs 1000 cr

Vijaya Bank is proposing to raise Rs 1000 crore to meet capital adequacy norms in terms of Basel III and to fund its business expansion. The shareholders of the bank are expected to discuss the issue at the AGM on 23 June. The intention is to offer equity shares to qualified institutional buyers (QIP) through one or more placements. The bank said in a regulatory filing that it proposes to issue up to Rs1,000 crore worth equity capital on preferential/QIP basis at a price to be determined. The funds would be raised through a rights issue or follow-on public offer.

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