Lakshmi Vilas Bank crashes 5% on plans to raise funds

At 1156, Lakshmi Vilas Bank was quoting Rs 87.90, down 4.97 percent on the BSE.

Shares of Lakshmi Vilas Bank fell 5 percent intraday on April 7 after the Chennai-based bank said it will consider raising funds on April 12.

The bank in its BSE release said that it is planning to raise funds by preferential allotment of equity shares and additional tier I bonds.

On April 5, the board of the bank approved the merger with Indiabulls Housing Finance. Following the deal, shareholders of the LVB will get Indiabulls Housing's 0.14 share of face value Rs 2 for every one share of Rs 10.

This means for every 100 shares held in LVB, shareholders will get 14 shares of Indiabulls Housing.

At 1156, Lakshmi Vilas Bank was quoting Rs 87.90, down 4.97 percent on the BSE.

First Published on Apr 10, 2019 12:01 pm

BANKING