Lakshmi Vilas Bank has surged over 14% at Rs 111 in late morning deals on the back of heavy volumes. Stock of the private sector lender is currently trading at its lifetime high and has rallied 37% in past two trading sessions on the BSE.
As many as a combined 6.67 million shares representing about 7% of total equity of the bank have already changed hands on the counter so far against an average sub one million shares that were traded daily in past ten trading days on the BSE and NSE.
Currently, the promoters held 11.1% stake in the Tamil Nadu-based bank, while the remaining 88.9% holding are with the public shareholders. M N Dastur & Company, Morgan Stanley Mauritius Company, Indian Bank, Life Insurance Corporation of India and The Federal Bank are among the few public shareholders which hold more than 2% stake each in the bank, the BSE data shows.