Lakshmi Vilas Bank Likely To Mobilise Rs 1,100 Crore

Private sector lender, Lakshmi Vilas Bank, is exploring an opportunity to raise Rs 1,000 to 1,100 crore via a sale of shares to institutional investors. The bank has received approval from its board to sell 50 million shares to investors through a Qualified Institutional Placement (QIP).

The bank is likely to deploy funds for expansion activities and also for inorganic growth opportunities.

The bank is in discussion with SBI Capital Markets, JP Morgan, Credit Suisse and Centrum Capital to manage the issue. The QIP is likely to be launched after the company's Annual General Meeting on July 18, reported a national news agency.

The Indian stock markets are hovering close to record highs. Goldman Sachs has raised its 12-month target on the Nifty to 10,400 from 10,000 earlier, due to increased confidence in corporate earnings recovery.

Meanwhile, Lakshmi Vilas Bank was up by 0.3% at Rs 194.80 per share at 1108 hours IST on BSE.

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About Suhani Varma