Moneycontrol
Jan 04, 2014 12:44 PM IST | Source: Moneycontrol.com

Lakshmi Vilas Bank approves Right Issue

Lakshmi Vilas Bank at its meeting held on January 3, 2014, has approved to issue and allot equity shares of the bank for an amount aggregating up to Rs 650 crore to the equity shareholders of the Bank on a

 
 
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Lakshmi Vilas Bank Ltd has informed BSE that the Board of Directors of the Banks at its meeting held on January 03, 2014, have in accordance with the relevant provisions of Section 81(1) and other applicable provisions, if any, of the Companies Act, 1956 and the applicable provisions of the Companies Act, 2013, to the extent notified (Including any statutory modifications or reenactment thereof, for the time being in force), Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, and any other applicable law, rules, regulations, guidelines, notifications and circulars in force, and applicable provisions of the Memorandum and Articles of Association of the Bank and the listing agreements have approved to issue and allot equity shares of the Bank for an amount aggregating up to Rs.650 Crores to the equity shareholders of the Bank on a "Rights basis" at such price as may be determined by the Board or a Committee thereof.Source : BSE

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