To raise Rs 255 Cr through rights issue: Lakshmi Vilas Bank
VS Reddy, MD of Lakshmi Vilas Bank said that the bank is going to raise Rs 255 crore via rights issue. The bank is raising funds mainly to augment capital base. The bank is also looking to meet CAR requirement and sustain further growth. He said that the bank is also looking at raising Rs 100 crore via Tier-2 bonds.
He further said that the current CAR of the bank is at 10.1%, which is expected to go to 13% by March 2010. There will be no further equity issuance in this year, he added.
Lakshmi Vilas Bank board has okayed 1-for-1 rights issue at Rs 54. The bank is going to raise Rs 255 crore via rights issue. The bank is also going to raise Rs 100 crore via Tier-2 bonds. The bank’s CAR is at 10.1%, which will go upto 13% by March 31.
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