The board of directors of Lakshmi Vilas Bank will consider issue of shares on rights basis on Friday.
Shares of Lakshmi Vilas Bank rallied as much as 5.6 percent intraday on Wednesday as the board will consider rights issue on Friday.
"A meeting of the board of directors of the bank will be held on January 03, to consider and if thought fit, to approve the proposal for further issue of equity shares on rights basis, to existing shareholders of the bank," the bank said in its filing to the exchange.
At 12:27 hours IST, the stock was trading at Rs 73.10, up 4.06 percent amid large volumes on the BSE. Market capitalisation of the company currently stands at Rs 714.63 crore.