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Our Bureau

Coimbatore, July 6

The Karur-based Lakshmi Vilas Bank (LVB) has decided to issue bonus shares in 1:2 ratio and offer one equity share (of Rs 10 each) for cash at a premium of Rs 40 per share (i.e. at a price of Rs 50 per share) as rights share in the ratio of 1:1, excluding the proposed bonus.

The board, which met at Karur on Thursday, said the proposed issue would further shore-up its capital funds on account of market risk, meet the requirements under the revised Basel II framework and support its expansion plans. The bank has capital funds of Rs 327 crore. Its Capital Adequacy Ratio of 10.8 per cent is well above the level prescribed by the regulatory authorities. The bank is targeting a total business volume of Rs 10,000-crore this fiscal.

More Stories on : Bonus Announcements | Rights Issue | Private Banks

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