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Private lender Lakshmi Vilas Bank (LVB) has sought market regulator Sebiís approval to raise R505 crore through a rights issue.
The issue of equity shares on a rights basis to its existing equity shareholders would aggregate up to R505 crore, a draft letter filed by Lakshmi Vilas Bank with the Securities and Exchange Board of India showed.
Under the rights issue, shares are issued to existing investors of an entity as per their holding at pre-determined price and ratio.
LVB intends to utilise the proceeds from the issue ďto augment its capital base, in line with its growth strategyĒ. Axis Capital would be the lead manager to the issue, while Integrated Enterprises (India) is the registrar.
As per the draft letter, the bank which is listed on the BSE and the NSE has received Ďin-principleí approvals from both the bourses for listing the rights issue.
Based in Tamil Nadu, the bank has a network of 362 branches and eight extension counters, spread over 15 states and the Union Territory of Puducherry.