Lakshmi Vilas Bank shed 3.55% to Rs 72.05 at 11:30 IST on BSE after the bank's board resolved to seek the permission of the Reserve Bank of India for increasing the promoters' holding and individual group holding in the bank.
The bank made announcement after market hours yesterday, 3 September 2015.
Meanwhile, the BSE Sensex was down 420.94 points, or 1.63%, to 25,333.89.
On BSE, so far 20,844 shares were traded in the counter, compared with an average volume of 91,164 shares in the past one quarter.
Share of mid-cap private sector bank hit a high of Rs 75.40 and a low of Rs 69.95 so far during the day. The stock hit a record high of Rs 111.45 on 29 April 2015. The stock hit a 52-week low of Rs 63.50 on 25 August 2015.
Lakshmi Vilas Bank announced that the board of directors in meeting held yesterday, 3 September 2015, have resolved to seek the permission of the Reserve Bank of India for increasing the promoters' holding upto 25% of the bank's paid-up capital and individual group holding upto 10% of the paid-up capital of the bank.
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The promoters hold 9.54% stake in the bank (as per the shareholding pattern as at 30 June 2015).
Separately, Lakshmi Vilas Bank also announced after market hours yesterday, 3 September 2015 that Rakesh Sharma, Managing Director and Chief Executive Officer of the bank submitted his resignation letter dated yesterday, 3 September 2015 following his appointment as MD & CEO of Canara Bank by the Government of India and the board has accepted his resignation letter in yesterday's meeting. Rakesh Sharma will be relieved from his services at the close of office hours on 9 September 2015, as per his request.
Lakshmi Vilas Bank's net profit rose 43% to Rs 40.26 crore on 18.4% rise in total income to Rs 693.06 crore in Q1 June 2015 over Q1 June 2014.
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