Lakshmi Vilas Bank get board nod to raise fund via equity issue

18/10/2016 15:28

Private sector lender Lakshmi Vilas Bank on Tuesday said that its board has approved raising of Tier I capital through the issue of equity shares in the domestic and international markets in one or more tranches.

“The board of directors of the bank at its meeting held on October 17, 2016 has approved issuance of equity shares of Rs 10 each of the bank, upto the limit approved by the shareholders at the AGM, to qualified institutional buyers through a qualified institutional placement,” Lakshmi Vilas Bank said in a filing to BSE.

Further, the board of directors has authorised the capital raising committee of the board to, inter alia, determine the form, terms, timing of the Issue, issue price etc in relation to the QIP, it said.

The relevant date for determination of the floor price of the Equity Shares to be issued shall be the date of meeting in which the Capital Issue Committee decides to open the proposed QIP, it added.

Meanwhile, shares of the bank dipped 0.93 per cent to close at Rs 149.80 apiece on the BSE.

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