Lakshmi Vilas Bank slips 7% as QIP issue opens

Laxmi Vilas Bank

Lakshmi Vilas Bank shares plunged 7 percent intraday Friday after its qualified institutional placement (QIP) issue opened for subscription on March 7.

It was in addition to 10 percent fall seen in the previous session after the board approved raising of funds through QIP and fixed the floor price for the issue.

At 11:55 hours IST, the stock was quoting at Rs 71.05, down Rs 2.15, or 2.94 percent on the BSE, far higher than the floor price of Rs 65.96 apiece fixed for QIP.

The QIP is a part of the lender’s plan of raising about Rs 2,000 crore through various modes, primarily through a preferential allotment of shares and QIPs.

The bank said it may offer a discount of not more than 5 percent on the floor price so calculated for the QIP and the bank will accept bids at or above the 5 percent discount to the floor price.
Lakshmi Vilas Bank had posted a loss of Rs 373.48 crore for the quarter ended December 2018, which was widened from Rs 132.3 crore reported in previous quarter and Rs 39.23 crore in December 2017 due to higher provisions to bad loans.

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