Lakshmi Vilas Bank gets shareholders' nod to raise up to Rs 1000 cr

The resolution to raise funds by issuance of securities was approved by shareholders in the annual general meeting held on September 27

Lakshmi Vilas Bank on Saturday said it has got shareholders' approval to raise up to Rs 1,000 crore by issuance of securities.

The resolution to raise funds by issuance of securities, including American Depository Receipt (ADR) and Global Depository Receipt (GDR), was approved by shareholders in the annual general meeting held on September 27, it said in a regulatory filing.

Shareholders also approved raising authorised share capital from Rs 500 crore, divided into 50 crore equity shares of Rs 10 each, to Rs 650 crore, divided into 65 crore equity shares.