Vijaya Names Bankers For Float Next Month

Vijaya Bank has appointed merchant bankers for its proposed Rs 100 crore public issue which will hit the market next month.

The bank had received the government approval for the issue around three weeks ago, which will bring down government stake to 51 per cent.

This will make Vijaya Bank the first public sector bank to bring down government stake to 51 per cent.

Incidentally this is also the first instance of a public sector bank hitting the market for the second time.

DSP Merill Lynch, JM Morgan Stanley, SBI Caps, AK Capital and Alliance Capital have been appointed as merchant bankers for the issue.

"The government's holding post the public issue will stand reduced to 51 per cent from the current 70.02 per cent. Pending Sebi approval, the issue will hit the market next month," said Vijaya Bank's chairman and managing director M S Kapur.

The bank has not finalised the pricing of the issue. "We are in discussions with merchant bankers, and the pricing will depend greatly on market conditions," said Kapur.

The bank