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.
Stock View:
Lakshmi Vilas Bank Ltd is currently trading at Rs 194.8, up by Rs 0.6 or 0.31% from its previous closing of Rs 194.2 on the BSE.
The scrip opened at Rs 194.15 and has touched a high and low of Rs 195 and Rs 193.6 respectively. So far 238770(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 3724.89 crore.
The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 203 on 26-Apr-2017 and a 52 week low of Rs 83 on 13-Jun-2016. Last one week high and low of the scrip stood at Rs 196.2 and Rs 185.65 respectively.
The promoters holding in the company stood at 9.05 % while Institutions and Non-Institutions held 7.42 % and 83.53 % respectively.
The stock is currently trading above its 50 DMA.
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