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Vijaya Bank had organized its Extraordinary General Meeting for approval of capital infusion to our Bank

By chandu Created on 03/10/2018 - 19:08 . Updated 03/10/2018 - 19:08

Bangalore on 09.03.2018.:An Extraordinary General Meeting of the Shareholders of Vijaya Bank was held on 9th Mar 2018 at 10.00 am at Mulki Sunder Ram Shetty Auditorium at Vijaya Bank, Head Office, Bangalore. The Shareholders in the Extraordinary General Meeting have passed the resolution to create, offer, issue and allot 19,42,79,628 Equity Shares of the Bank of face value of Rs. 10/- (Rupees Ten only) each for cash at a premium of Rs. 55.73 (Rupees Fifty Five and Paisa Seventy Three Only) per Equity Share, i.e. issue price of Rs. 65.73 (Rupees Sixty Five and Paisa Seventy Three Only) aggregating upto Rs. 1277 crore (Rupees One Thousand Two Hundred Seventy Seven Crore only) by way of Preferential Issue to the promoters of the Bank i.e. the Government of India.

Subsequent to the allotment the equity shareholding of Government of India will be increased from 63.29% to 68.77% and there will not be any change in the management / control on the Bank as a result of the preferential allotment.

Speaking to the shareholders on the occasion, Shri G Narayanan, Chairman, Vijaya Bank said that, in order to achieve a sustainable growth in its assets and maintaining robust CRAR, need was felt for augmenting capital. He added the growth capital raised would be utilized to improve the Capital Adequacy and to fund general business needs of the Bank. CRAR will improve from 12.26% to around 14%.