In a bid to fund its business growth in the current financial year, Vijaya Bank is planning to raise Rs 500 crore through bond issue. This will be in addition to the Rs 600-crore equity offering planned for sometime in October.
Moreover, the bank is expecting its credit growth to exceed the current year’s target of 17 per cent on account of improving business sentiment.
Recently, the bank received shareholders’ nod to raise additional equity capital of Rs 600 crore from the market. As on March 31, 2014, FIIs held about 2.02 per cent in Vijaya Bank. The Government, which owns 74.06 per cent, could bring down its stake in the bank.
