Lakshmi Vilas Bank board likely to meet on April 12 to clear fund-raising plans

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Lakshmi Vilas BankThe board of private sector lender Lakshmi Vilas Bank is most likely to meet on April 12 to clear the fund-raising plans as well as to prop up its Additional Tier I capital.

“The board of directors of the bank is scheduled to meet on April 12 to approve the issuance and allotment of equity shares, including by way of a preferential allotment,” said the lender in a regulatory filing.

It will also consider raising capital via issuance and allotment of Basel III-compliant Additional Tier-1 debt instruments in the nature of bonds, added the bank.

Last week, the Tamil Nadu-based lender had announced plans to amalgamate with Indiabulls Housing Finance via a share swap deal, a move that is widely perceived to help the bank in improving its financial health.

In March, the lender raised Rs 459.59 crore through a QIP to bolster its capital adequacy.

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