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Business News/ Market / Stock-market-news/  Lakshmi Vilas Bank to raise over Rs780 crore via rights issue
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Lakshmi Vilas Bank to raise over Rs780 crore via rights issue

Lakshmi Vilas Bank has not explained how it will use the proceeds to be raised from this rights issue

Stock of the bank closed 0.57% lower at Rs149 apiece on BSE on Wednesday. Photo: Ramesh Pathania/MintPremium
Stock of the bank closed 0.57% lower at Rs149 apiece on BSE on Wednesday. Photo: Ramesh Pathania/Mint

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.

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Published: 03 Jan 2018, 09:46 PM IST
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