Lakshmi Vilas Bank to raise over Rs 780 cr via rights issue

Private sector Lakshmi Vilas Bank today said it will raise over Rs 780 crore by issuing equity shares through a rights issue.

"The Capital Raising Committee of the board in its meeting held on January 3, 2018 has approved the allotment of 6,39,87,006 equity shares at a price of Rs 122 per share aggregating to Rs 780,64,14,732, issued on a rights basis," the bank said in a regulatory filing.

The lender has not explained how it will use the proceeds to be raised from this issue.

Stock of the bank closed 0.57 per cent lower at Rs 149 apiece on BSE today.