Lakshmi Vilas Bank board approves fund raising

Lakshmi Vilas Bank on Thursday said its board approved raising upto Rs 1500 crore through a combination of equity and debt.

The board of Lakshmi Vilas Bank approved raising upto Rs 1000 crore issuance of equity shares or such other eligible security, including but not limited to global depository receipts, American depository receipts, foreign currency convertible bonds, fully/partly convertible debentures, securities or financial instruments convertible into equity shares and securities linked to equity shares,or any combination thereof, in one or more tranches.

The board also approved raising upto Rs 500 crore issuance of bonds, non-convertible debentures and/or such other debt securities, in one or more tranches.

The bank will hold its 93rd annual general meeting on 25 September 2020.

Lakshmi Vilas Bank posted a net loss of Rs 112.28 crore in Q1 June 2020 as against a net loss of Rs 237.23 crore reported in Q1 June 2019. The bank's total income declined 20.4% to Rs 538.84 crore in Q1 June 2020 over Q1 June 2019.

Shares of Lakshmi Vilas Bank were down 0.23% at Rs 21.3 on BSE. The scrip has traded in the range of Rs 21 to Rs 21.8 so far during the day.

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