Vijaya Bank to come out with public offer to raise Rs. 100 cr

Vijaya Bank to come out with public offer to raise Rs. 100 cr
PRESS TRUST OF INDIA

BANGALORE, APRIL 8: Vijaya Bank is planning to come out with an initial public offer to raise Rs 100 crore during the second quarter of 2000-2001.

Releasing its provisional financial results for 1999-2000 here today, the Bank said its net profit (subject to audit) was expected to double to about Rs 65 crore as against Rs 30.23 crore during the previous year.

According to a Bank release here, total deposits increased by 22 per cent from Rs 9,495 crore in March 1999 to Rs 11,580 crore during this March and advances also registered a 22 per cent rise from Rs 4,243 crore to Rs 5,175 crore in the same period.

The total business of the bank increased from Rs 13,738 crore in March 1999 to Rs 16,755 crore in March 2000, accounting for a 22 per cent increase, the release said.

It said 1999-2000 had been a satisfying year for the bank, as it became eligible to get `autonomy status' and also the approval of initial public offer to raise Rs 100 crore during the second quarter of 2000-2001.

``The rating of the bank's fixed deposits has also been upgraded by Crisil from `FA' to `FAA','' it said.