Private sector entity, Lakshmi Vilas Bank Ltd. has raised Rs 167.8 crore through an issuance of 1.19 crore equity shares on qualified institution placement basis, the bank said in a filing to the exchanges.
The Committee of Directors for Capital Raising of the Bank at its meeting held on December 31, 2016, passed resolutions with respect to the QIP, it added.
The bank had launched a QIP to raise over Rs 599.88 crore by issuing 4.25 crore shares in domestic or international markets early last week.
The Committee of Directors for Capital Raising of the bank, at a meeting last week had approved the floor price for the QIP issue at Rs 141.15 per equity share.
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 or qualified institutional buyers.
Besides, the bank had said that the funds could also be raised by issuing equity shares through depository receipts, including global depository receipts or American depository receipts or even through foreign currency convertible bonds.
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.
Also Read: State Bank Of India Slashes Lending Rate By 90 Basis Points, Steepest Cut In Years
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
