LIC to invest in Vijaya Bank

Business News: The public sector bank - Vijaya bank cleared on Wednesday about the allotment of shares worth Rs 147 crore to Life Insurance Corporation (LIC) on Wednesday, according to media reports.

Vijaya Bank has allotted 2,28,72,258 shares at Rs 64.27 to the LIC on a prefential basis. The shares of Vijaya Bank were traded at Rs 54.35 at NSE & BSE on Thursday (at 12:30pm). However, the shares were traded at Rs 54.80 on Wednesday because of the allotment of shares to LIC.

The infusion of capital from LIC to Vijaya Bank would help the bank over its performance in the market.