Lakshmi Vilas Bank Ltd Board approves Rights Issue for Rs. 800 crores

The Board of Directors of Lakshmi Vilas Bank Ltd in its meeting held September 27, 2017 has decided to raise funds by way of issue of equity shares on rights basis to existing shareholders of the Bank ("Rights Issue") for an amount upto Rs. 800 crores (Rupees Eight Hundred Crores) on such terms and conditions as may be decided by the Board of Directors/Capital Raising Committee of the Board of the Bank, subject to all applicable statutory and regulatory approvals. The Board authorized the Capital Raising Committee of the Board of the Bank to determine the terms and conditions of the Rights Issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters, which shall be decided in consultation with the Lead Manager to the Rights Issue.

The meeting of Board of Directors of the Bank commenced at 10.00 am and concluded at 4.00 pm.

Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.146.95 as compared to the previous close of Rs. 149.9. The total number of shares traded during the day was 178945 in over 948 trades.

The stock hit an intraday high of Rs. 152.5 and intraday low of 145.55. The net turnover during the day was Rs. 26501651.

Source : Equity Bulls

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