Lakshmi Vilas Bank provides update on QIP issue

Floor price is Rs 141.15 per share; Opens QIP issue on 28 December 2016

Lakshmi Vilas Bank announced that subsequent to the approval accorded by the board of directors of the Bank, at its meeting held on 06 May 2016 and 17 October 2016 and the special resolution passed by the shareholders of the Bank on 10 June 2016 at the AGM for the QIP, the Committee of Directors for Capital Raising of the Bank (the Committee) on 28 December 2016 has, inter alia passed the following resolutions:

a) Authorising the opening of the QIP on 28 December 2016.

b) Approving the preliminary placement document dated 28 December 2016 in connection with the QIP; and

 

c) Approval of the floor price for the QIP.

Further the Company has informed that, the 'Relevant Date' for this purpose, in terms of Regulation 81 (c)(i) of the SEBI ICDR Regulations, is 28 December 2016 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 141.15 per Equity Share.

Pursuant to Regulation 85 of the SEBI ICDR Regulations the Bank may offer a discount of not more than 5% on the floor price so calculated for the QIP.

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