Subsequent to the approval accorded by the board of directors of Lakshmi Vilas Bank, at its meeting held on June 26, 2018 and approval of the shareholders of the Bank by way of a special resolution passed at the AGM of the Bank on August 8, 2018 for the QIP, the Capital Raising Committee of the Bank (the "Committee") at its meeting today, i.e., March 07, 2019 has authorised the opening of the QIP today i.e. on March 07, 2019 and approved the floor price for the QIP.
The committee also approved and adopted the preliminary placement document dated March 07, 2019 in connection with the QIP.
price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs. 65.96 per Equity Share. Pursuant to Regulation 176(1) of the SEBI ICDR Regulations the Bank may offer a discount of not more than 5% on the floor price so calculated for the QIP and the Bank will accept bids at or above the 5% discount to the floor price.
The issue price (including discount, if any) will be determined by the Bank in consultation with the BRLM on the basis of bids received.
Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.73.2 as compared to the previous close of Rs. 81.3. The total number of shares traded during the day was 525215 in over 2936 trades.
The stock hit an intraday high of Rs. 82.35 and intraday low of 73.2. The net turnover during the day was Rs. 39435466.