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The board of Lakshmi Vilas Bank on Friday approved a rights issue of equity shares worth ₹787 crore. The bank will offer 6.45 crore shares at a price of ₹122 a share. Eligible shareholders will be offered one share for every three shares held. Shareholders whose names appear on the register or list of depositories as members or owners at the end of business hours on December 6 will be eligible, the bank said. The issue will open on December 12 and close on December 26. The last date for receiving requests for split application forms is December 18. Shares of Lakshmi Vilas Bank ended 2.7 per cent lower at ₹180.05 on the NSE.
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