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    Lakshmi Vilas Bank zooms 19% ahead of board meeting to consider fund raising

    Lakshmi Vilas Bank zooms 19% ahead of board meeting to consider fund raising

    Lakshmi Vilas Bank zooms 19% ahead of board meeting to consider fund raising
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    By CNBC-TV18  IST (Updated)

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    Private sector lender Lakshmi Vilas Bank surged 19 percent ahead of the board meeting on Friday (March 8) to consider fundraising plans.

    Private sector lender Lakshmi Vilas Bank surged 19 percent ahead of the board meeting on Friday (March 8) to consider fundraising plans.
    “A meeting of the board of directors of the bank would be held on Friday, March 8, 2019, to consider and approve the raising of funds by way of issue of equity shares of the bank on preferential basis and issuance of unsecured, subordinated, fully paid up, non-convertible, non-cumulative, BASEL Ill compliant, perpetual debt instruments in the nature of debentures for inclusion in Additional tier I capital of the bank on private placement basis, to certain investors,” Lakshmi Vilas Bank said in a regulatory filing on Tuesday, after market hours.
    With today’s rally, the stock has soared 53 percent from its 52-week low of Rs 54.80 hit on February 25, 2019, in the intra-day trade on the BSE.
    However, it has been more than halved from its 52-week high level of Rs 122 hit on June 21, 2018, due to poor earnings.
    The stock was currently trading at Rs 80.5, up 12 percent. In comparison, the S&P BSE Sensex was up 0.3 percent at 36,558. The scrip gained as much as 18.8 percent to Rs 84.90 in intra-day deals today.
    The private sector lender proposes to raise funds through issue of equity shares on preferential basis and/or private placement basis.
    In October 2018, Lakshmi Vilas Bank said it has received a number of expressions of interest to participate in the bank’s capital raising programme, from high-quality investors.
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