Lakshmi Vilas Bank Gets Shareholders’ Nod To Raise Up To Rs 1,000 Crore
The portrait of Mahatma Gandhi is displayed on an Indian 2,000 rupee banknote in an arranged photograph in Thailand. (Photographer: Brent Lewin/Bloomberg)

Lakshmi Vilas Bank Gets Shareholders’ Nod To Raise Up To Rs 1,000 Crore

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The Lakshmi Vilas Bank Ltd. on Saturday received shareholders' approval to raise up to Rs 1,000 crore by issuance of securities.

The resolution to raise funds by issuance of securities, including American Depository Receipt and Global Depository Receipt, was approved by shareholders in the annual general meeting held on Sept. 27, it said in a regulatory filing.

Shareholders also approved raising authorised share capital from Rs 500 crore, divided into 50 crore equity shares of Rs 10 each, to Rs 650 crore, divided into 65 crore equity shares.

Also read: RBI Places Lakshmi Vilas Bank Under Prompt Corrective Action Framework

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