Lakshmi Vilas Bank Ltd approves closure of QIP, fixes QIP price at Rs. 140

In respect of the QIP, the Committee of Directors for Capital Raising of Lakshmi Vilas Bank Ltd (the "Committee") at its meeting held on December 31, 2016, has approved the closure of the QIP on December 31, 2016.

The Board approved the issue price of Rs. 140.00 per Equity Share (including premium of Rs. 130.00 per Equity Share), which is at a discount of Rs. 1.15 per Equity Share, to the Floor Price of Rs. 141.15 per Equity Share, for the issuance and allocation of 1,19,85,138 Equity Shares to be allotted to eligible qualified institutional buyers pursuant to the QIP aggregating upto Rs. 1678 million.

The Board approved and adopted the placement document dated December 31, 2016, in connection with the QIP.

The Board also approved the issue of Confirmation of Allocation Notes ("CANs") to the qualified institutional buyers.

Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.142.2 as compared to the previous close of Rs. 141.65. The total number of shares traded during the day was 41627 in over 512 trades.

The stock hit an intraday high of Rs. 143.9 and intraday low of 140.3. The net turnover during the day was Rs. 5915437.

Source : Equity Bulls

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