Lakshmi Vilas Bank shines on planning to raise Rs 1,500 crore to fund business growth
Lakshmi Vilas Bank is currently trading at Rs. 19.70, up by 0.20 points or 1.03% from its previous closing of Rs. 19.50 on the BSE.
The scrip opened at Rs. 20.40 and has touched a high and low of Rs. 20.40 and Rs. 19.50 respectively. So far 16686 shares were traded on the counter.
The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 41.85 on 16-Sep-2019 and a 52 week low of Rs. 10.45 on 31-Mar-2020.
Last one week high and low of the scrip stood at Rs. 22.00 and Rs. 18.75 respectively. The current market cap of the company is Rs. 656.59 crore.
The promoters holding in the company stood at 6.80%, while Institutions and Non-Institutions held 17.27% and 75.75% respectively.
Lakshmi Vilas Bank (LVB) is planning to raise up to Rs 1,500 crore to fund business growth and increase foreign shareholding to up to 74 percent. The bank will seek approval for the proposals from its shareholders in the upcoming annual general meeting (AGM) on September 25, 2020 which will take place through audio/visual means due to the coronavirus pandemic. The bank has been exploring various options for raising funds for augmenting the tier-I capital to support business growth as directed by the RBI.
Lakshmi Vilas Bank offers a wide range of services such as Deposits, loan, MSME, Online Services, NRI services, Wealth Management Services and Personal banking services etc.