Lakshmi Vilas Bank tumbles on rights issue plan

Lakshmi Vilas Bank rose 4.36% to Rs 147.90 at 10:35 IST on BSE after the bank said that its board will meet on 27 September 2017 to consider raising funds through a rights issue.

The announcement was made after market hours on Friday, 22 September 2017.

Meanwhile, the S&P BSE Sensex was down 217.25 points, or 0.68% to 31,705.19.

On the BSE, 71,000 shares were traded in the counter so far, compared with average daily volumes of 1.43 lakh shares in the past two weeks. The stock had hit a high of Rs 156 and a low of Rs 137 so far during the day.

 

The stock hit a 52-week high of Rs 209.80 on 6 July 2017. The stock hit a 52-week low of Rs 125.10 on 22 November 2016.

Net profit of Lakshmi Vilas Bank rose 8.9% to Rs 66.12 crore on 19.7% rise in operating income to Rs 927.25 crore in Q1 June 2017 over Q1 June 2016.

Lakshmi Vilas Bank is a full-fledged commercial bank. Its operations are spread over a network of 512 branches (plus 7 extension counters) with pan-India presence, supervised by 11 regional offices.

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