LVB board approves Rs 500 crore rights

Source :Sify
Author :Finance Desk
Last Updated: Thu, Oct 15th, 2020, 18:34:15hrs
LVB Lakshmi Vilas Bank

Chennai: The board of directors at Lakshmi Vilas Bank (LVB) on Thursday approved raising of funds up to Rs 500 crore through issue of equity shares or such other securities by way of rights issue.

In a regulatory filing, the bank said its Board of Directors met on Thursday and approved, subject to necessary approvals, raising further funds by issue of equity shares or such other eligible securities by way of a rights issue for an aggregate amount up to Rs 500 crore.

The beleaguered LVB recently said it has received an indicative non-binding offer from Clix Group.

The bank is in talks for amalgamation with Clix Group, that comprises Clix Capital Services Private Ltd, Clix Finance India Private Ltd and Clix Housing Finance Private Ltd.