Lakshmi Vilas Bank gets shareholders’ nod to raise up to Rs 1,000 crore

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Published: September 28, 2019 3:26:38 PM

The resolution to raise funds by issuance of securities, including American Depository Receipt (ADR) and Global Depository Receipt (GDR), was approved by shareholders in the annual general meeting held on September 27, it said in a regulatory filing.

Lakshmi Vilas Bank, Lakshmi Vilas Bank  shareholders, American Depository Receipt, Global Depository ReceiptShareholders also approved raising authorised share capital from Rs 500 crore, divided into 50 crore equity shares of Rs 10 each, to Rs 650 crore, divided into 65 crore equity shares.

Lakshmi Vilas Bank on Saturday said it has got shareholders’ approval to raise up to Rs 1,000 crore by issuance of securities. The resolution to raise funds by issuance of securities, including American Depository Receipt (ADR) and Global Depository Receipt (GDR), was approved by shareholders in the annual general meeting held on September 27, it said in a regulatory filing.

Also read: Lakshmi Vilas Bank placed under prompt corrective action by RBI; key things to know

Shareholders also approved raising authorised share capital from Rs 500 crore, divided into 50 crore equity shares of Rs 10 each, to Rs 650 crore, divided into 65 crore equity shares.

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