Stocks

LV Bank board okays ₹500-crore rights issue

Our Bureau Mumbai | Updated on October 15, 2020

The board of Lakshmi Vilas Bank on Thursday approved a proposal to raise ₹500 crore through a rights issue, the lender said in a regulatory filing.

The bank’s board and shareholders had earlier approved a proposal to raise ₹1,000 crore through issuance of equity shares or other eligible security, including GDRs or FCCBs.

The cash-strapped lender has been working to improve its capital buffers and has been talking to investors for a potential merger. The bank on October 8 said it had received an indicative, non-binding offer from Clix Group.

The bank is under Prompt Corrective Action norms of the RBI and it reported a net loss of ₹112.28 crore in the first quarter this fiscal.

Published on October 15, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like