Vijaya Bank shareholders have approved the conversion of existing perpetual non-cumulative preference shares to the tune of ₹1,200 crore into 30,46,45,849 equity shares at a conversion rate of ₹39.39 per share in favour of Government of India on preferential basis.
At an extraordinary general meeting held on Wednesday in Bangalore, shareholders approved the conversion of shares. With this, the Government of India’s shareholding will go up to 74.06 per cent from the existing 59.80 per cent.