The Board of Lakshmi Vilas Bank approved raising funds worth Rs 500 crores

New Delhi: The Board of private lender Lakshmi Vilas Bank approved to raise the funds up to Rs. 500 through the issuance of shares and allotment of equity shares or such other eligible securities. 

The board considered and gives the approval with the right ways of issuing under applicable law, including the Companies Act, 2013. 

It is also stated that “the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended," the lender said in a communication to exchanges.

In August and September this resolution passed by its boards and shareholders regarding issuing funds by way of equity shares and other instruments through various modes, including further public offer, rights issue, or qualified institutions placement for an aggregate amount of up to ?1,000 crores.

In September end the Reserve Bank of India (RBI) appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

The bank shows a net loss of ?112.28 crores in the June 2020 quarter.