Lakshmi Vilas Bank raises Rs 250 cr debt
PTI | 02:02 PM,Feb 13,2012Mumbai, Feb 13 (PTI) Private sector lender Lakshmi Vilas Bank today said it has raised over Rs 250 crore in tier-II capital through a bond sale. The Bangalore-headquartered bank raised the money through a private placement issue of unsecured redeemable non-convertible subordinated bonds at a coupon of 11.40 percent, it said in a statement, adding the bonds are a combination of tenures of six years and 10 years. The issue was oversubscribed and under the issue terms, the bank has the right to retain over subscription, the statement said, without divulging the exact extent of oversubscription or the amount retained. "The issue of bonds was made for augmenting tier-II capital for improving the capital adequacy ratio and enhancing the long-term resources of the bank," it said. AK Capital Services was the sole arranger for the issue, it added. PTI AA BEN DK
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.
Disclaimer: Network18 Media & Investments Limited is proposing, subject to market conditions and other considerations, an offer of its equity shares on rights basis and has filed a Draft Letter of Offer with the Securities and Exchange Board of India. The Draft Letter of Offer is available on the website of SEBI at