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Vijaya Bank aims to raise Rs 1,000 crore within a year to create buffer as per global capital adequacy norms, Basel III and for funding business expansion.
The bank’s board of directors will put up the matter before shareholders at the annual general meeting (AGM) on June 23.
Vijaya Bank has said in a regulatory filing that consent will be sought from shareholders to create, offer and issue equity shares to qualified institutional buyers (QIP) through one or more placements.
It further said that “The bank proposes for issue of up to Rs 1,000 crore equity capital on preferential/QIP basis at a price of to be determined.”
