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Business News/ Companies / Vijaya Bank defers fundraising plan for 2018-19
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Vijaya Bank defers fundraising plan for 2018-19

Vijaya Bank had on 17 May informed the exchanges that its board will meet on 20 May to discuss a proposed capital-raising plan under Basel III

Vijaya Bank had last made a qualified institutional placement (QIP) in September 2017, raising Rs700 crore. Photo: HTPremium
Vijaya Bank had last made a qualified institutional placement (QIP) in September 2017, raising Rs700 crore. Photo: HT

Mumbai: Public sector bank Vijaya Bank on Sunday said that its board has deferred a fund-raising plan for 2018-19. On 17 May, the bank had informed exchanges that its board will meet on 20 May to discuss a proposed capital-raising plan under Basel III.

However, on Sunday, the bank informed the exchanges that its board had deferred the plan. The bank did not disclose further details. Vijaya Bank had last made a qualified institutional placement (QIP) in September 2017, raising Rs700 crore.

QIP is a capital-raising tool through which listed companies can sell equity shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.

The development comes at a time when state-owned lenders have been struggling with high non-performing assets (NPA) and cases of fraud that have dented investor confidence. Since the start of the year, shares of Vijaya Bank have lost 15.6%, closing at Rs58.3 on BSE on Friday.

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Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 20 May 2018, 08:18 PM IST
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