Laxmi Vilas Bank for Rs 400cr QIP

Jul 01, 2010 - Age Correspondent |

mumbai

Tamil Nadu- based Lakshmi Vilas Bank may go in for a qualified institutional placement of up to Rs 400 crore.
The board of the private sector bank has already passed the enabling resolution and a final approval at the AGM is awaited.

“We are planning to launch a housing finance company, which will require investments from our side,” said Mr K.S.R. Anjaneyulu, managing director and CEO of the bank.
The fund raising will be needed to maintain the bank’s financial ratios post the investment. The total size of the QIP could be up to Rs 400 crore and it could be done in two tranches, Mr Anjeneyulu added.
Salem-based Lakshmi Vilas Bank is amongst the older generation private sector banks.
It has a network of 271 branches, mostly in Tamil Nadu.

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