Have shareholder nod to issue over Rs 4 cr worth equity: LVB

Reports have suggested private equity firms may buy around 20 percent stake in Lakshmi Vilas Bank. In response, NS Venkatesh, ED of the company told CNBC-TV18 that at present the bank has got shareholder approval to issue Rs 4.25 crore worth of equity share through either a qualified institutional placement (QIP) or preferential route.

In the interview he said that the bank needs to increase its capital adequacy at this stage but has not planned. A definite time schedule has not been finalised or nor the size of this issue.

It is too early to confirm, deny or say 'no comments' at this stage, he added.More to follow...