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LVB plans rights issue

Lakshmi Vilas Bank has sought SEBI’s approval to raise Rs 505 crore through a rights issue. The bank intends to utilize the proceeds from the issue to augment its capital base in line with its growth strategy. Axis Capital would be the lead manager to the issue, while Integrated Enterprises (India) is the registrar to the issue. The bank has received in-principle approvals from the Bombay Stock Exchange and the National Stock Exchange for listing the rights issue. The bank has a network of 362 branches and 8 extension counters, spread over 15 states and the union territory of Puducherry.

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