The board of the private sector commercial bank will consider rights issue of equity shares on Thursday, 15 October 2020.
The bank's board had earlier approved raising upto Rs 1000 crore by issuing equity shares through one or more permitted modes including further public offer, rights issue/qualified institutions placement to eligible investors.Lakshmi Vilas Bank (LVB) is a private sector commercial bank. As on 30 June 2020, the bank had a network of 566 branches, 5 extension counters, 918 ATMs in 19 states and 1 union territory. Tamil Nadu is the dominant contributor of business for the bank. The bank reported a loss of Rs 112.28 crore in Q1 FY21 as compared to a loss of Rs 237.25 crore recorded in Q1 FY20. Total income during the quarter declined 20.4% Y-o-Y to Rs 538.84 crore.
Shares of LVB declined 1.35% to Rs 18.30 on BSE. The scrip has rallied 75.11% from its 52-week low of Rs 10.45 hit on 30 March 2020.
On the technical front, the stock's RSI (relative strength index) stood at 44.979. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 19.97 and its 200-day moving average (DMA) placed at 17.12.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU