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Vijaya Bank VRS by Dec

Our Bureau

MUMBAI, Nov. 20

THE board of directors of Vijaya Bank has approved its voluntary retirement scheme (VRS). According to bank officials, the VRS package is expected to be functional by December.

Currently, the bank has 14,000 employees. Officials declined to make any estimate on the number of employees who would opt for the VRS.

Addressing a press conference, Mr S. Gopalakrishnan, Chairman and Managing Director, said he expected the bank's IPO to be oversubscribed about three times over.

Vijaya Bank's IPO of 10 crore shares of Rs 10 each for cash at par, aggregating Rs 100 crore, is hitting the capital markets on November 27.

The shares of the bank will be listed on the Bangalore, Mumbai and National stock exchanges. The issue is being lead managed by SBI Capital Markets Ltd, DSP Merrill Lynch Ltd, Kotak Mahindra Capital Company and JM Morgan Stanley Ltd.

According to Mr Gopalakrishnan, the bank had yet to finalise its insurance plans, beyond distribution. ``We have yet to decide whether to go in for a consortium approach or a tie-up with a corporate who has already entered into an agreement with a forei gn insurance partner'', he said.

Pic.: Mr S. Gopalakrishnan, Chairman and Managing Director, Vijaya Bank, and Mr O.S. Ramamurthy, General Manager, at a press conference in Mumbai on Monday.

Picture by Shashi Ashiwal