The Hindu Business Line : Lord Krishna Bank rights issue fully subscribed

THE rights issue of Lord Krishna Bank, which opened for subscription on January 27 and closed on February 28, has been over-subscribed, a press release from the bank has said. The issue was to aggregate Rs 45.30 crore to the bank's capital base.

The proceeds of the issue would increase the networth of the bank during the current year itself and boost capital adequacy ratio, taking it much above the statutory 9 per cent limit set by RBI.

"This will make the bank as one of the first in the group to meet the Basel II norms of capital adequacy," the bank said in a statement issued here.

The branch networking under core banking solutions, inter-connectivity with ATM facility and many new technology driven customer friendly initiatives shall prove handy and help the bank to aim at an increase in its aggregate business turnover fromRs 3,429 crore to Rs 5,000 crore in a few months from now, the statement added.

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Lord Krishna Bank rights issue fully subscribed