Vijaya Bank, the Karnataka-based bank has decided to raise Rs 1,200 crore through a preferential allotment of equity shares to the Government of India. The shareholders of the Bank at the Extraordinary General Meeting held on February 19, 2014, at Bangalore, authorizing the issuance approved issue of 30,46,45,849 equity shares of Rs.10 each at a premium of Rs 29.39 (An issue price of Rs 39.39) by way of conversion of existing Perpetual Non-Cumulative Preference Shares to the tune of Rs 1200 crore. With this, the Government of India’s shareholding in the bank will go up to 74.06% from the existing 59.80%.
Vijaya Bank, the Karnataka-based bank offers various products and services specific to various segments such as it has saving accounts for children, scheme for women clientele, credit facilities to minority communities like Zoroastrians, Buddhists are among others.
