Lakshmi Vilas Bank board meeting on Oct 15 to consider rights issue

Sources said the lender plans to raise Rs 500-700 crore via rights. Many existing institutional investors may subscribe to it in order to protect the investments they've already made

A meeting of the Board of directors of Lakshmi Vilas Bank Limited will be held on Thursday, October 15, to consider and approve the issue of Securities of the bank to existing shareholders on a rights basis. The issue will be subject to necessary regulatory and statutory approvals, LVB informed the exchange.

It may be recalled that the Board and shareholder meetings of LVB held on August 26 and September 25, respectively, approved the raising of funds by way of issuance of equity shares or other eligible security. These included global depository receipts, American depository receipts, foreign currency convertible bonds,