Lakshmi Vilas Bank eyes QIP to raise fresh funds of over Rs 450 crore

Private sector lender Lakshmi Vilas Bank Saturday said it has raised Rs 459.59 crore through qualified institutions placement (QIP). The Chennai-headquartered lender said it has raised funds at the rate of Rs 72 per share. "This fundraising via QIP will help the bank in strengthening its capital base and will enable the bank to further raise tier II capital," Lakshmi Vilas Bank said in a statement. The QIP closed on March 15, 2019.

SREI Capital Market Ltd acted as the book running lead manager to the QIP issue.