 "Lakshmi Vilas Bank plans to raise Rs 786 crore through rights issue")
Earlier, the Bank's Board of Directors gave the approval to raise funds through equity shares on rights basis to existing shareholders of the Bank (Rights Issue) for an amount up to Rs 800 crore.
Today the Capital Raising Committee of the Board of the Bank met and decided that the rights issue to be offered at a price of Rs 122 only per Rights Equity Share (including a premium of Rs 112 only per right equity share) and the full amount is to be paid an application.
The issue of equity shares by way of the rights issue to the eligible shareholders of the Bank, for an amount aggregating up to Rs 786.87 crore.
The issue will open on December 12 and end on December 26.
The Bank is moving away from large corporates and decided to grow its SME and retail portfolios, where the stronger focus will be lent to gold loans, home loans and SME credit, among others.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app