Lakshmi Vilas Bank To Raise Rs 600 Crore Through QIP
New Delhi: Lakshmi Vilas Bank on Thursday said it has launched a qualified institutional placement or QIP to raise over Rs 599.88 crore by issuing 4.25 crore shares in domestic or international markets.
The Committee of Directors for Capital Raising of the private sector bank, at a meeting held on Wednesday, approved the floor price for the QIP issue at Rs 141.15 per equity share, Lakshmi Vilas Bank said in a regulatory filing.
"The floor price in respect of the QIP, based on the pricing formula is Rs 141.15 per equity share. The bank may offer a discount of not more than 5 per cent on the floor price calculated on the QIP," it said.
In May this year, the bank had informed that it will raise funds in one or more public or private offerings in domestic and/or international markets, either in the form of Qualified Institutional Placement (QIP) or Qualified Institutional Buyers (QIBs).
Besides, the bank said that the funds could also be raised by issuing equity shares through depository receipts, including global depository receipts (GDR) or American Depository Receipts (ADR) or even through foreign currency convertible bonds (FCCBs).
Most of the listed companies use the QIP route to raise funds by either issuing shares, fully or partly convertible debentures or any securities other than warrants which are convertible to equity shares to a QIB.
Lakshmi Vilas Bank shares ended 0.96 per cent higher at Rs 141.65 apiece on BSE, whose benchmark Sensex index finished 0.59 per cent.
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