Lakshmi Vilas Bank locked at lower circuit on initiating prompt corrective action

Lakshmi Vilas Bank

Shares of Lakshmi Vilas Bank were locked at 5 percent lower circuit in early trade on September 30 after the company initiated prompt corrective action plan.

The bank has informed that the prompt corrective action plan is initiated by Reserve Bank of India (RBI) with effect from September 27, 2019.

However pertinent to note that prompt corrective action plan does not mean Moratorium on the bank, the company said in the press release.

We wish to reassure all customer that bank can transit normal business and there is no restriction on operations by depositors, LVB said. The bank can also undertake lending activities to all the segment except corporates and other stressed and high-risk sectors.

The bank has approved the proposed amendment to the memorandum of association at the 92nd annual general meeting (AGM) held on September 27, 2019

Also, resolutions are passed authorising the bank to raise further capital upto Rs 1,000 crore through equity mode and Rs 500 crore by way of Tier I /Tier II bonds.

The bank has re-appointed M/s P Chandrasekar LLP, Chartered Accountants, Bangalore as statutory central auditors of the bank to hold office till the conclusion of the next AGM.

There were pending sell orders of 689,271 shares, with no buyers available.

It has touched a 52-week low of Rs 34.75.

At 0932 hrs, Lakshmi Vilas Bank was quoting at Rs 34.75, down Rs 1.80 on the BSE.

News Source: Moneycontrol

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