Lakshmi Vilas Bank announces ratings action from CARE

Lakshmi Vilas Bank announced that CARE Ratings (CARE) has assigned rating of CARE BB (Double B) (Credit watch with developing implications) to the proposed Basel III compliant additional Tier I Perpetual Bond issue of the Bank.

CARE had also revised the rating from "CARE BBB" (Triple B; Credit Watch with negative implications) to "CARE BBB" (Triple B; Credit Watch with developing implications) for our Unsecured Redeemable Non-Convertible Subordinated Lower Tier II Bonds - Series VII (Option B), VIII, IX, X of Rs.50.50 crores, Rs.78.10 crores, Rs.140.10 crores and Rs.100 crores respectively.

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