Lakshmi Vilas Bank approves 1:3 rights issue at Rs. 122

The meeting of the Capital Raising Committee of the Board of Lakshmi Vilas Bank Ltd held on November 24, 2017, has decided the terms of the proposed rights issue.

The company has fixed the price of rights issue at Rs. 122 per equity share (including a premium of Rs. 112 per equity share) and the full amount is to be paid on application.

The total number of rights equity shares to be issued is 6,44,97,155 equity shares.

The issue of equity shares by way of rights issue to the eligible shareholders of the bank, for an amount aggregating up to Rs. 786.87 crores.

The rights entitlement ratio is fixed as 1:3 (One rights equity share for every three equity shares) held by the eligible shareholders of the bank whose names appear on the register of members or list of depositories as members or beneficial owners, as at the end of business hours on the record date.

The record date for the purpose of determining the shareholders eligible to apply for the equity shares in the rights issue is Wednesday, 6th December 2017.

The rights issue will open for subscription on Tuesday, December 12, 2017.

The date of closing of the rights issue is Tuesday, December 26, 2017 and the last date for receiving requests for Split Application Forms (SAFs) is Monday, December 18, 2017.

Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.185.35 as compared to the previous close of Rs. 179.9. The total number of shares traded during the day was 317542 in over 1642 trades.

The stock hit an intraday high of Rs. 185.8 and intraday low of 179. The net turnover during the day was Rs. 58141776.

Source : Equity Bulls

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