Vijaya Bank to raise funds through QIP

Vijaya Bank opened its Rs 1,000-crore share sale to institutional investors through qualified institutional placement (QIP) route on Monday. The bank’s QIP committee has also approved the floor price of the QIP at Rs 66.36 per share, a discount of 6.61% to Monday’s closing price of Rs 70.75 per share on the BSE. The bank may offer a discount of not more than 5% on the floor price calculated for the QIP.
 
Vijaya Bank has been maintaining a healthy dividend payout ratio of 17.73%. On a yearly basis the stock has yielded 80.56% returns and has outperformed the BSE Mid-Cap index and the BSE Bankex index. A public sector bank, Vijaya Bank offers various financial products and services such as deposit products, loans and advances, card services, remittances and collection, and non-resident Indian (NRI) packages.