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Vijaya Bank raises Rs 147 crore through preferential issue to LIC

31 Mar 2012 Evaluate

Vijaya Bank, a Bangalore-based mid-sized public sector bank has raised Rs 147 crore through preferential allotment of equity shares to Life Insurance Corporation of India. The bank will use the capital to shore up the capital adequacy of the bank.

The bank issued 2,28,72,258 shares to LIC at the rate of Rs 64.57 per share. The funds raised will also be utilized to finance its growth in 2012-13, as it is looking at 20% growth next fiscal. The bank's capital-adequacy ratio as on December 31, 2011, stands at 12.11%, with tier-I capital of 8.8%.

The bank’s net profit for the quarter ended June 30, 2011 has declined by 58.37% at Rs 72.22 crore as compared to Rs 173.48 crore for the same quarter last year. Its total income increased by 21.92% to Rs 1853.40 crore for the quarter under review from Rs 1520.21 crore for the corresponding quarter of the previous year.

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Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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