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Lakshmi Vilas Bank
BSE: 534690|NSE: LAKSHVILAS|ISIN: INE694C01018|SECTOR: Banks - Private Sector
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Company History - Lakshmi Vilas Bank
YEAR                      EVENTS
 1926 - The Company was Incorporated at Karur, South India.  The main
        object of the company is The Bank transacts banking business
 of
        every description.
 
 1931 - 2,900 Rights shares issued at par.
 
 1947 - 10,000 Right shares issued (prem. Rs.5 per share; prop. 1:1).
 
 1953 - 5,000 Rights shares issued (prem. Rs.5 per share; prop. 1:4).
 
 1957 - 12,500 Bonus shares issued in prop. 1:2.
 
 1958 - The Bank was licensed under the Banking Companies Act and it
        became a Scheduled Bank the same year.
 
 1960 - 12,500 rights shares issued (prem. Rs.10 per share; prop.
 1:3)
 
 1961 - In October, the Karur Mercantile Bank, Ltd. Karur, was 
        amalgamated with the Bank, as ordered by the Central
 Government.
        The Bank took over particular assets and liabilities of
 Kannivadi
        Bank Pvt. Ltd., in November, for the Trichinopoly Vysya Bank,
        Ltd., Tiruchirapalli, in August 1963 and of Tirirukkattupally
        Bank, Ltd., Tanjore in December, 1963.
 
      - 25,000 rights shares issued (prem. Rs.10 per share; prop.
 1:2).
 
 1962 - 1,191 shares issued to members of Karur Mercantile Bank, Ltd.
 on
        its merger.
 
 1964 - In 1964, Salem Gugai Sree Krishna Bank, Ltd., Salem, was
        amalgamated with the Bank.  Negotiations were being carried
 on
        with some other banking concerns for amalgamation.
 
      - 24 shares issued.
 
 1965 - The Bank took over the particular assets and liabilities of
 the
        Shri Nadiambal Bank (P) Ltd., in January of the Kattuputtur
 Bank
        (P) Ltd., in March of the Salem National Bank in August and of
   
        the Salem Sree Ramaswamy Bank, Ltd., in September.
 
 1971 - 37 shares issued.
 
 1974 - 1,52,504 shares issued (prem. Re.1 per share).
 
 1982 - 1,14,388 right equity shares issued in prop. 1:2.
 
 1986 - 3,43,164 rights equity shares issued at par in prop. 1:1.
 
 1988 - 6,00,000 No. of equity shares issued at par to public in
        December.
        
 1989 - 6,43,164 right equity shares issued in prop. 1:2.
 
 1993 - The Company issued 9,64,746 No. of equity shares of Rs.10 each
 
        for cash at a prem. of Rs.30 per share on Rights basis in the
 
        prop. 1:2.  Allotment of 6,225 shares were kept in abeyance.
 
      - 9,64,746 rights shares issued (prem. Rs.30 per share) in
 prop.
        1:2.
 
 1997
 
 -Mr K. Raghunath Shenoy has become the chief executive officer and
 Chairman of Lakshmi Vilas Bank.  He was executive director of the
 bank till recently.
 
 1998
 
 -Developed a credit product  Gem Credit  specifically for the
 artificial gem processing industry.
 
 1999
 
 - launched a money-back deposit scheme to suit the needs of investors
 who do not mind a longer maturity period but want a larger pay-out. 
 
 2000
 
 - introduced a basket of products namely Lakshmi Agribike, Lakshmi
 Consumer Credit and Lakshmi Rental Loan
 
 2001
 
 -Reduced its prime lending rate (PLR) by one per cent to 13 per cent
 per annum from 14 per cent effective April 1, 2001
 
 -Board Announces that it has allocated an amount of Rs 25 crore
 towards financing rice mills in Andhra Pradesh for the current fiscal
 year.
 
 -Board Announces a distribution tie-up called Bancassurance with
 Lakshmi Vilas Bank to develop a nationwide network which also has a
 strong regional focus.
 
 -Signed a letter of intent with CGU Life Insurance to offer agency
 services to the latter
 
 -Board announces the launch of its education loan scheme - Vidya
 Lakshmi Loan
 
 -Lakshmi Vilas Bank slashes deposit rates
 
 -Forges an alliance with ICRA for putting in place a credit risk
 assessment system
 
 2002
 
 -Mr.M P Shyam and Mr. V N Krishnamurthy have been appointed as
 Additional Directors. And Mr. Athi R. Venkatraman and Mr. T
 Srinivasulu have resigned as Directors of the company.
 
 -Board entered into an MOU with Dabur CGU Life Insurance Company (P)
 Ltd on May 28, 2002 to sell insurance products under the Brand name
 'AVIVA'.
 
 2003
 
 -LVB slashed interest rate for deposits by 0.25 % for periods above
 271 and 364 days maturity slab.
 
 -LVB forges alliance with ICICI Infotech for core banking solution
 
 -Lakshmi Vilas Bank mobilises Rs 50 cr through tier-II bonds issue
 
 -Entered into Corporate Agency Arrangement with M/s Royal Sundaram
 Alliance Insurance Co. Ltd. for distributing their General Insurance
 Products.
 
 -Unveils Aviva Life Insurance products at Visakahapatnam in Andhra
 Pradesh
 
 -Board Decided to set up three strategic business units (SBUs) to
 cash in on the increasing opportunities in the large and
 mid-corporates, and retail and personal segments.
 
 -Lakshmi Vilas Bank Ltd has acquired 807,000 shares amounting to
 12.32% of the total paid up capital of Blue Coast Hotels and Resorts
 Ltd. (Formerly Morepen Hotels Ltd).
 
 -Mr Abhishek Dalmia of the New Delhi-based Renaissance Group has
 picked up a 2-per cent stake each in Lakshmi Vilas Bank  This will
 translate into around 2.3 lakh shares of Lakshmi Vilas Bank.
 
 2004
 
 -The Lakshmi Vilas Bank has entered into a tie up with the Wall
 Street Exchange Centre LLC, Dubai belonging to the House of Patels
 for remittences of NRIs through rupee drawing arrangement (RDA)
 
 2005
 -Lakshmi Vilas Bank Ltd Issues Rights in the Ratio of 7:10
 
 2006
 
 -Lakshmi Vilas Bank has given the Bonus in the Ratio of 1:1
 
 2007
 
 - Lakshmi Vilas Bank Ltd has appointed Shri.R.Mohan as Additional
 Director.
 
 2009
 
 - Lakshmi Vilas Bank has entered into an alliance with PayMate for
 mobile payment solution, which is being made available to its
 customers across 250 branches.
 
 -Lakshmi Vilas Bank Ltd Issues Rights in the Ratio of 1:1
 
 2010
 
 -- Lakshmi Vilas Bank Ltd has informed that the Board of Directors of
 the Bank at the meeting held on January 23,2010 has Co-opted
 Shri.K.S.R.Anjaneyulu as an additional Director and also appointed
 him, as Managing Director & CEO of the Bank.
 
 - Lakshmi Vilas Bank Limited has co-opted Shri. P.R. Somasundaram as
 an additional Director and also appointed him, as Managing Director &
 CEO of the Bank for a period of three years.
 
 2011
 
 -Lakshmi Vilas has recommended a dividend of 25%
 
 2012
 
 -Lakshmi Vilas Bank has entered into an agreement with TCS for
 managing its back office operations and document management systems.
 
 -Lakshmi Vilas Bank hits lifetime high on bulk trade
Source : Dion Global Solutions Limited
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