Vijaya Bank raise Rs 300 cr from upper Tier II bonds

Bangalore, Mar 14 (UNI) Vijaya Bank has successfully raised Rs 300 crore through a private placement of Unsecured Redeemable Non Convertible Subordinated Upper Tier II Bonds.

The issue, which opened on March Five stood fully subscribed, according to a release here today.

The amount raised would be used to further augment Tier II capital to strengthen the Capital Adequacy Ration (CAR) and long term resources of the Bank.

Vijaya Bank had a CAR of 12.21 per cent as on December 31, 2007, against total Business of Rs 71,607 crore. The bank has targeted a business level of Rs 76,000 crore comprising Deposits of Rs 45,000 crore and Gross Advances of Rs 31,000 crore by the turn of this financial year, the release said.

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