Lakshmi Vilas Bank Spurts Over 4% On Rs. 1500 Cr Fund Raising Plan

Private sector lender Lakshmi Vilas Bank in intra-day trade on September 7, 2020 surged over 4.6% to day's high price of Rs. 20.4 apiece on the BSE. This is in comparison to the previous close of Rs. 19.5 per share.

The bank has announced its plans to mop up Rs. 1500 crore for financing its business growth as well as increase foreign shareholding up to 74 per cent. The approval on the same shall be taken in the bank's AGM scheduled for September 25, 2020.

Lakshmi Vilas Bank Spurts Over 4% On Rs. 1500 Cr Fund Raising Plan

In its notice, the bank said it is considering several options in order to scale up its Tier-I capital for supporting business growth.

The Chennai-based lender said the board of directors in its meeting on August 26 accorded its approval for raising of funds, including by way of issue of equity shares, GDRs, ADRs foreign currency convertible bonds (FCCGs), preference shares convertible into equity shares among others in one or more tranches by way of one or more public and/or private offerings.

At 9:22 am the stock was however trading higher by just Rs. 0.25 or 1.28% at Rs. 19.75 per share.

GoodReturns.in