New Delhi: Private sector Lakshmi Vilas Bank on Wednesday said it will raise over Rs780 crore by issuing equity shares through a rights issue.

“The Capital Raising Committee of the board in its meeting held on January 3, 2018 has approved the allotment of 6,39,87,006 equity shares at a price of 122 per share aggregating to 780,64,14,732, issued on a rights basis," the bank said in a regulatory filing.

The lender has not explained how it will use the proceeds to be raised from this issue. Stock of the bank closed 0.57% lower at Rs149 apiece on BSE on Wednesday.