Bengaluru-headquartered Vijaya Bank received shareholders approval at an extraordinary general meeting on Tuesday to raise up to ₹226 crore through preferential issue of shares to Life Insurance Corporation of India. LIC has subscribed to around 7.34 crore shares of the bank at an issue price of ₹30.75 per share aggregating to ₹226 crore. Subsequent to the preferential issue, LIC’s stake in Vijaya Bank has increased to 14.50 per cent from 7.19 per cent, while the Centre’s has reduced to 68.23 per cent from 74.06 per cent. Vijaya Bank scrip ended 1.75 per cent lower at ₹30.85 on the BSE on Tuesday.