Lakshmi Vilas Bank jumps on rights issue plan

Lakshmi Vilas Bank surged 3.7% to Rs 68.65 at 10:57 IST on BSE after the bank said it has filed a draft letter of offer in connection with the proposed rights issue of equity shares aggregating up to Rs 505 crore.

The announcement was made after market hours on Thursday, 27 March 2014.

Meanwhile, the S&P BSE Sensex was up 17.94 points or 0.08% at 22,232.31.

On BSE, so far 41,000 shares were traded in the counter as against average daily volume of 27,831 shares in the past one quarter.

The stock hit a high of Rs 69.50 and a low of Rs 68.30 so far during the day. The stock had hit a 52-week high of Rs 93.30 on 3 April 2013. The stock had hit a 52-week low of Rs 57.50 on 19 February 2014.

The small-cap bank has equity capital of Rs 97.55 crore. Face value per share is Rs 10.

Lakshmi Vilas Bank (LVB) said it has filed a draft letter of offer in connection with the proposed rights issue of equity shares of Rs 10 each by the bank aggregating up to Rs 505 crore for cash, in terms of Part E of Schedule VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended (SEBI ICDR Regulations), with the Securities and Exchange Board of India on Thursday, 27 March 2014.

Lakshmi Vilas Bank's net profit declined 76.3% to Rs 7.43 crore on 11.8% growth in total income to Rs 557.25 crore in Q3 December 2013 over Q3 December 2012.

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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