Lakshmi Vilas Bank Rights Issue

Many existing institutional investors are expected to participate and subscribe to the issue to protect their existing investments, sources said

Cash-strapped Lakshmi Vilas Bank on Thursday said its board has approved plans to raise up to Rs 500 crore through a rights issue

Proposed right issue is to increase the capital adequacy ratio as lender pursue talks with Clix Capital for a proposed merger

The bank would like to take this opportunity "to assure our customers that their deposits are safe in our bank"

Lakshmi Vilas Bank fixed rights issue in the ratio of 1:3 i.e. one rights equity share for every three equity shares held by the eligible shareholders on the record date.

Lakshmi Vilas Bank's issue will open on December 12 and end on December 26