Lakshmi Vilas Bank Ltd opens QIP

Subsequent to the approval accorded by the board of directors of Lakshmi Vilas Bank Ltd, at its meeting held on May 06, 2016 and October 17, 2016 and the special resolution passed by the shareholders of the Bank on June 10, 2016 at the AGM for the QIP, the Committee of Directors for Capital Raising of the Bank (the "Committee") on December 28, 2016 has, authorised the opening of the QIP on December 28, 2016.

The committee approved the preliminary placement document dated December 28, 2016 in connection with the QIP and also approved the floor price for the QIP.

Further the Company has informed that, the 'Relevant Date' for this purpose, in terms of Regulation 81 (c)(i) of the SEBI ICDR Regulations, is December 28, 2016 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 141.15 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations the Bank may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.140 as compared to the previous close of Rs. 139. The total number of shares traded during the day was 9971 in over 178 trades.

The stock hit an intraday high of Rs. 142.5 and intraday low of 138.75. The net turnover during the day was Rs. 1400555.

Source : Equity Bulls

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