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Lakshmi Vilas Bank shares plunge 7% as QIP opens today

Lakshmi Vilas Bank shares plunge 7% as QIP opens today

Lakshmi Vilas Bank shares plunge 7% as QIP opens today
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By CNBC-TV18 Mar 8, 2019 10:57:03 AM IST (Updated)

Lakshmi Vilas Bank shares slumped as much as 7 percent in early morning trade on Friday after the lender's qualified institutional placement (QIP) issue to raise Rs 500-700 crore opened today. 

Shares of Lakshmi Vilas Bank slumped as much as 7 percent in early morning trade on Friday after the lender's qualified institutional placement (QIP) issue to raise Rs 500-700 crore opened today.

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At 10:50AM, the stock was trading down 4 percent at Rs 70.40, higher than the floor price of the QIP, which was fixed at Rs 65.96.
The stock has lost over 16 percent since Thursday when the bank's board approved raising funds via the QIP and set the floor price.
The QIP is part of the lender's larger plan of raising about Rs 2,000 crore through various modes, primarily through a preferential allotment of shares and QIPs.
Lakshmi Vilas Bank has posted losses in successive quarters due to rising bad loans. If the bank doesn't raise capital before March 31, it risks slipping into the ambit of the central bank’s Prompt Corrective Action framework that imposes operational curbs.
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