Lakshmi Vilas Bank eyes up to $60M fund raise

Lakshmi Vilas Bank plans to issue up to 4.25 crore equity shares to public or institutional investors, which may fetch it Rs 376.55 crore at the current price.

The bank will seek shareholders' approval for the issuance of these shares, or equivalent number of any other securities, at its Annual General Meeting on September 3, the bank said in a filing to the BSE.

The bank will seek approval to authorise its "board to create, issue, offer and allot, up to 4,25,00,000 equity shares of Rs 10 each or hybrid instruments/ securities".

At today's closing share price of Rs 88.60 on BSE, these 4.25 crore shares would be worth Rs 376.55 crore.

Without mentioning any specific timeframe, the bank said securities would be issued in the course of one or more public or private offerings in domestic or international markets.

The issue can be in form of either Qualified Institutional Placement or through Depository Receipts (Global Depository Receipts or American Depository Receipts) to eligible entities including strategic investors, institutions, banks, incorporated bodies or individuals.

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