Lakshmi Vilas Bank Ltd Board approves Right Issue of Rs. 650 crore

The Board of Directors of Lakshmi Vilas Bank Ltd at its meeting held on January 03, 2014, have in accordance with the relevant provisions of Section 81(1) and other applicable provisions, if any, of the Companies Act, 1956 and the applicable provisions of the Companies Act, 2013, to the extent notified (Including any statutory modifications or reenactment thereof, for the time being in force), Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, and any other applicable law, rules, regulations, guidelines, notifications and circulars in force, and applicable provisions of the Memorandum and Articles of Association of the Bank and the listing agreements have approved to issue and allot equity shares of the Bank for an amount aggregating up to Rs.650 Crores to the equity shareholders of the Bank on a "Rights basis" at such price as may be determined by the Board or a Committee thereof.

Shares of Lakshmi Vilas Bank Ltd was last trading BSE at Rs.75.20, up by Rs.0.70 or 0.94%. The stock hit an intraday high of Rs.76.85 and intraday low of Rs.74.70.

The total traded quantity was 0.51 lakh shares as compared to 2 week average of 0.51 lakh shares.

Source : Equity Bulls

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