Tuesday, March 29, 2016

Vijaya Bank gets shareholders' approval to raise Rs 226 crore from @LICIndiaForever

Extraordinary General Meeting of Shareholders of Vijaya Bank today passed a resolution to raise Rs 226 crore from allotment of equity shares to insurance major Life Insurance Corporation of India (LIC) on preferential basis.The Life Insurance Corporation of India has subscribed to 7,34,41,008 equity shares of the Bank at a issue price of Rs. 30.75 (Rupees Thirty and Paisa Seventy Five only) per share aggregating up to Rs. 226 Crore. Subsequent to the preferential issue, the shareholding of LIC in the Bank has increased to 14.50% from 7.19% and the share holding of Government of India has come down to 68.23% from 74.06%. 

Vijaya Bank has a network of 1843 branches and 1646ATMs catering to the needs of over 14 million customers. The Bank’s total business reached Rs.2,15,171 crore as on 31st December, 2015.