In order to fund its business growth in the current fiscal, Vijaya Bank is planning to raise funds around Rs. 500 crore via bond issue, according to a media report.
This will be in addition to the Rs. 600-crore equity offering planned for sometime in October.
The bank expects its credit growth to exceed the current year’s target of 17% due to improvement in its business sentiment.
The bank is looking at qualified institutional placement (QIP) as a preferred option to raise the capital, considering that it is cost effective and can be completed in a short time.
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