Lakshmi Vilas Bank plans Rs 800cr fund raise via rights issue

Private sector player Lakshmi Vilas Bank today said it plans to raise up to Rs 800 crore by issuing shares on a rights basis to shareholders.

The bank said its board of directors has approved the capital raise plan.

"The Board of Directors of the Bank in its meeting held September 27 has decided to raise funds by way of issue of equity shares on rights basis to existing shareholders of the Bank (rights issue) for an amount up to Rs 800 crore," Lakshmi Vilas said in a regulatory filing.

The bank said the Capital Raising Committee of the board will determine the terms and conditions of the rights issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters.

The south India based lender had registered a rise of nearly 9 per cent in its net profit at Rs 66.12 crore in the first quarter, ended June 30, of the current fiscal.

The income during the period grew by 20 per cent to Rs 927.25 crore.

The bank's stock closed 1.97 per cent down at Rs 146.95 on BSE.

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