Kanorias likely to gain from Lakshmi Vilas Bank's boardroom battle

SREI may up stake; differences between Kanorias, promoter may have led to crisis

Lakshmi Vilas Bank (LVB) is readying up a rights issue of around Rs 500 crore even as it works on a merger with Clix Capital. The rights issue opens up a window of opportunity for SREI to raise its stake in the bank, which is currently at 3.34 per cent.

“The proposal (for a rights offering) is before the board, and a decision may be expected in a week,” said a top source. It was explained that while the merger with Clix remains on the table, “It is important that we raise some amount of capital soon, and, therefore, the rights