In order to support its future business growth, Lakshmi Vilas Bank is planning to raise around Rs 505 crore through rights issue. The raised fund will be used towards supporting the expected growth in future.
Moreover, the company’s board is expected to meet on July 16, 2014 to consider the terms for issue of equity shares on rights basis and decide various related aspects including the size of the proposed rights issue of equity shares, issue price per rights equity share of face value of Rs 10 each and the number of rights equity shares which an eligible equity shareholder as on the record date will be entitled to.
Further, record date for determining the eligible equity shareholders who would be entitled to the rights equity shares will also be decided on the board meeting on July 16, says the Bank announcement.
Lakshmi Vilas Bank currently has a network of 299 branches and 6 extension counters, spread over 15 states and the union territory of Puducherry. The bank’s focus is on customer delight, by maintaining high standards of customer service and amidst all these new challenges.
