Public sector Vijaya Bank has finalised the allocation of 11.10 crore shares thereby completing the qualified institutional placement (QIP) successfully.
The bank, through QIP route, has raised ₹700 crore. The allocation of equity shares was done across a diverse set of investors at ₹63.05 per share. The QIP was launched on August 28 for the issue size of ₹450 crore with a greenshoe option of ₹250 crore. With the fresh augmentation of common equity tier I capital of ₹700 crore, the bank will have a comfortable CRAR of 13.48 per cent.
Kishore Sansi, Managing Director and CEO of Vijaya Bank, said: “The proceeds of the QIP will be used to augment our bank’s Tier I capital to support growth plans and to enhance the business of our bank and for other general corporate purposes.”