Lakshmi Vilas Bank raises ~459 crore via QIP

Private sector lender Lakshmi Vilas Bank on Saturday said it had raised ~459.59 crore through qualified institutions placement (QIP). The Chennai-headquartered lender said it has raised funds at the rate of ~72 a share.

“This fund raising via QIP will help the bank in strengthening its capital base and will enable 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.