Vijaya Bank raises Rs 147 cr thru preferential issue to LIC

Vijaya Bank has raised Rs 147 crore through preferential allotment of equity shares to Life Insurance Corporation of India. The capital raised would be utilised to shore up the capital adequacy of the bank.

The bank issued 2,28,72,258 shares to LIC at Rs 64.57 per share.“The funds raised would also be utilised to finance our growth in 2012-13,” Ms Shubhalakshmi Panse, Executive Director, Vijaya Bank, told Business Line.

The bank is looking at 20 per cent growth next fiscal. The bank's capital-adequacy ratio as on December 31, 2011, stands at 12.11 per cent, with tier-I capital of 8.8 per cent.