Lakshmi Vilas Bank locked at lower circuit after MD, CEO resigns

The board approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs 1,000 crore

Shares of Lakshmi Vilas Bank were locked at 5 percent lower circuit on August 29 after the managing director and chief executive officer of the company resigned.

Parthasarathi Mukherjee, managing director & chief executive officer of the bank has submitted his resignation, owing to personal reasons. The letter was placed before the board in the meeting held on August 28 and the board has accepted the same, as per company release.

There were pending sell orders of 6,303 shares, with no buyers available.

The company board in its meeting approved the increase in the authorized share capital of the bank from Rs 500 crore to Rs 650 crore.

The board also approved raising of funds by way of issuance of equity shares or such other eligible security for an aggregate amount not exceeding Rs1,000 crore and raising of funds by way of issuance of bonds, NCDs for an aggregate amount not exceeding Rs 500 crore.

The bank has also approved the notice of the ensuing 92nd annual general meeting of the Bank to be held on September 27, 2019, and the same will be issued to the shareholders of the Bank.

Lakshmi Vilas Bank was quoting at Rs 38.75, down Rs 2 on the BSE.

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