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

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

 

The Board of Lakshmi Vilas Bank approved raising funds worth Rs 500 crores
Lakshmi Vilas Bank (PSU Connect)

 

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.



Posted Date :  15-10-20

Categories : BANK NEWS

Tag Cloud: BANK NEWS

Similar news

SBI's Padmakumar M Nair will be chief executive of NARCL

New Delhi: Padmakumar M Nair of State Bank of India (SBI) will be the chief executive of National Asset Reconstruction Company (NARCL), a proposed entity for taking over bad loans of lenders, predominantly public sector banks. NARC, also called a 'bad' bank, is expected to be operational in June 202
Posted Date :  12-05-21

Read more

Regulations Review Authority of RBI sets up advisory group

New Delhi: The Regulations Review Authority of the Reserve Bank of India (RBI) has constituted an advisory group to support it.   The group will assist the RRA by identifying areas, regulations, guidelines and returns which can be rationalised and submit reports periodically to the RRA co
Posted Date :  08-05-21

Read more

PSU Banks to take lead in creation of bad bank: SBI MD

New Delhi: State-run lenders will take a lead in creation of the bad bank, but the sick asset resolution platform needs the support of private banks and other lenders to be successful, State Bank of India Managing Director Swaminathan J said on Thursday. If all lenders come on board, the National
Posted Date :  07-05-21

Read more