VIJAYA BANK GETS RS 700 CR CAPITAL FROM GOVT

Vijaya Bank said it has received Rs 700 crore from the government as part of the package to shore up capital of state-run lenders.

"The government of India, a major shareholder of the bank, has subscribed a sum of Rs 700 crore in innovative Tier 1 capital instruments in the bank," Vijaya Bank informed the Bombay Stock Exchange.

The bank will issue perpetual non-cumulative preference shares (PNCPS) to the government, it said.

As on date, the PNCPS issued to the government amount to Rs 1,200 crore, it added.

PNCPS issued to government are not transferable and are not dealt with in the stock exchanges and accordingly cannot be traded or listed.

Source: http://www.business-standard.com/india/news/vijaya-bank-gets-rs-700-cr-capitalgovt/97910/on