Public sector lender Vijaya Bank has raised Rs 700 crore through an issue of Qualified Institutional Placement (QIP). The bank has allocated 11.10 crore shares.

The allocation of equity shares was done across a diverse set of investors at Rs 63.05 per share, the bank said. The QIP was launched on August 28, 2017 for the issue size of Rs 450 crore with the greenshoe option of Rs 250 crore. The bank has received an overwhelming response from investors with application of Rs 804.38 crore and allotted Rs 700 crore, with the issue closing on August 31, 2017, the Bank said.

With the fresh augmentation of Common Equity Tier-I Capital of Rs 700 crore, the bank will have a comfortable CRAR of 13.48%.

Vijaya Bank raises Rs 700 crore via QIP