Lakshmi Vilas Bank share climbs over 4% as board to consider rights issue on October 15

Lakshmi Vilas Bank share rose over 4% in trade today after the lender said its board would consider rights issue of shares on October 15. Lakshmi Vilas Bank share trades higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.

The stock touched an intraday high of Rs 19.35 against previous close of Rs 18.55 on BSE. It has lost 24.8% in one year and gained 6.38% since the beginning of this year.

Total 1.71 lakh shares changed hands amounting to turnover of Rs 31.48 lakh on BSE.

Market cap of the lender stood at Rs 616.19 crore on BSE. "A meeting of board will be held on October 15, 2020 to consider and approve, the issue of securities of the bank to existing shareholders of the bank on a rights basis," company said in the release.

The share touched its 52-week high Rs 25.18 and 52-week low Rs 10.45 on 30 June, 2020 and 31 March, 2020, respectively.

On October 9, the stock rose 16% intra day after the lender said it had received an indicative non-binding offer from the Clix Group.

The bank is undergoing the process of considering and evaluating the proposed amalgamation with Clix Capital Services, Clix Finance India, and Clix Housing Finance.

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