Public sector major Vijaya Bank is planning to raise Rs 700 crore through Perpetual Non- Cumulative Preference(PNCP) route to support its expansion plan.

The proposed amount will be utilized to achieve bank's target of Rs 1.10 lakh crore of business in fiscal 2009-10.

At present the lender has 1103 branches across the country, which it planning to increase to 1200. T

It should be noted that the lender has already applied for license with the Reserve Bank of India for opening new 97 branches.

Apart from latest development, the bank is planning to foray into United Arab Emirates (UAE).

The bank had reported Rs 1,000 crore deposits in the first quarter of this fiscal and set target to of Rs 1.10 lakh crore business by end of the current fiscal, the bank had closed the last fiscal with a total business of Rs 90,410 crore.

The bank had reported a net profit of Rs 262.48 crore in 2008-09.