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Mr Prakash P. Mallya, CMD

K.R. Srivats

New Delhi, Aug. 2 Vijaya Bank plans to raise another Rs 300 crore of capital before December or next January to fund business growth, its Chairman and Managing Director, Mr Prakash P. Mallya, has said. “I have not decided on whether it should be Tier-I or Tier-II. But we will need another Rs 300 crore of capital,” he told Business Line here.

Vijaya Bank recently raised Rs 200 crore of lower Tier-II capital through subordinated bonds at a cost of 9.5 per cent per annum. In March this year, the bank raised Rs 300 crore through upper Tier-II bonds.

It had a capital adequacy ratio of 11.21 per cent as of end-March 2007.

Mr Mallya also said that the bank has decided to lower one-year deposit rates by 50 basis points.

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