Mumbai, March 18: Bangalore-based Vijaya Bank witnessed a flurry of block deals on the Bombay Stock Exchange today.

Around 5.7 per cent of its equity changed hands with the UK-based hedge fund TCI Cyprus Holding selling a chunk of its holdings.

TCI, which was aggressively buying into nationalised banks last year, is pruning its stakes now.

According to recent reports, the hedge fund has scaled down its investments in nationalised banks such as Indian Overseas Bank, Punjab National Bank and the Bank of Baroda.

On the BSE today, TCI sold around 2.49 crore shares of Vijaya Bank at Rs 19.86 apiece. Citigroup Global Markets (50 lakh shares), MNYL Life Maker Investment Plan Endowment Fund Account (37.65 lakh), Birla Sunlife Insurance Company (50 lakh) and Bajaj Allianz Life Insurance Company Ltd (76 lakh) were some of the buyers.

Vijaya Bank ended higher at Rs 22.35 on the BSE today, a rise of 4.44 per cent over its previous close on Tuesday. The BSE Bankex gained 2.63 per cent.

Its shares have fallen from a 52-week high of Rs 56.65 because of the slowdown.

Investors are also concerned about the rising non-performing assets of banks.

The bank is slated to get Rs 500 crore in the first tranche under the Union government’s recapitalisation package. The Centre has approved a Rs 1,200-crore infusion to help maintain the bank’s capital adequacy ratio at 12 per cent.