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LVB to raise Rs 350 cr

Lakshmi Vilas Bank will raise up to Rs 350 crore through institutional placement of shares this financial year in order to improve its core capital. MD and CEO of the bank Rakesh Sharma said the proposed placement will happen in the next five to six months. It may be a QIP, he added. The bank’s overall capital adequacy had stood at 11.34% as on 31 March, with the core tier-I capital at 9.33%. The bank expects that the fund infusion will take the capital adequacy to around 10.5%. The bank is targetting a 23% growth in both advances. The bank has 400 branches with majority of them loacted in the southern part of the country. Sharma said the bank has plans increase its presence in states like Madhya Pradesh, Rajasthan and Haryana.

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