Lakshmi Vilas Bank is planning to raise Rs 505 crore via rights issue from its existing shareholders. Earlier, Bank was planning to focus on retail banking and recovery of non-performing assets (NPA).
The bank had filed a draft letter with the Securities and Exchange Board of India seeking in-principle approval of the issue. Existing shareholders are entitled to buy additional shares directly from the bank for a fixed time period.
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.
