Lakshmi Vilas Bank inches up ahead of board meet to consider rights issue terms

Lakshmi Vilas Bank rose 0.48% to Rs 104.10 at 9:18 IST on BSE after the bank said its board of directors will meet on 16 July 2014, to consider terms of right issue.

The announcement was made after market hours on Friday, 11 July 2014.

Meanwhile, the S&P BSE Sensex was down 62.70 points or 0.25% at 24,961.65.

On BSE, so far 3,531 shares were traded in the counter as against average daily volume of 63,000 shares in the past two weeks.

The stock hit a high of Rs 108 and a low of Rs 103.50 so far during the day.

Lakshmi Vilas Bank (LVB) said that its board of directors will meet on 16 July 2014, to consider the terms for issue of equity shares on rights basis and decide, inter alia, the size of the proposed rights issue of equity shares, issue price per rights equity share of face value of Rs. 10 each, number of rights equity shares which an eligible equity shareholder as on the record date will be entitled to and record date for determining the eligible equity shareholders who would be entitled to the rights equity shares.

Lakshmi Vilas Bank's net profit rose 23% to Rs 21.03 crore on 10.5% growth in total income to Rs 575.47 crore in Q4 March 2014 over Q4 March 2013.

Lakshmi Vilas Bank provides a variety of services, including corporate banking, commercial & personal banking, retail banking, NRI services, insurance and development banking through a network of branches. The bank has a strong and wide base in Tamil Nadu.

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