The board of Lakshmi Vilas Bank Ltd. (LVB) on Wednesday gave its approval for increasing its authorised capital by ₹350 crore to ₹1,000 crore to meet its capital requirement.In a regulatory filing, the private sector lender said that it plans to raise up to ₹1,000 crore by way of issue of equity shares or securities and ₹500 crore through bonds or non-convertible debentures or debt securities in one or more tranches at a price as may be permissible under law.The bank spelt out various options for raising ₹1,000 crore either through American Depository Receipts, Global Depository Receipts, Foreign Currency Convertible Bonds, Fully or partly convertible debentures, public issue, rights issue or Qualified Institutions Placement. It also planned to raise ₹500 crore through private placement basis.All these proposals are subject to getting shareholders approval at the ensuing annual general meeting to be held on September 25.The bank interim MD and CEO S. Sundar had been saying that they need at least ₹2,000 crore to keep itself afloat.During the last annual general meeting held during September 2019, the shareholders gave their nod to raise the authorised capital from ₹500 crore to ₹650 crore.
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