Lakshmi Vilas Bank secures Rs 459 crore through QIP

India’s private sector bank, Lakshmi Vilas Bank has announced that “It has raised Rs 459.59 crore through Qualified institutions placement (QIP).”

Lakshmi Vilas Bank, in its statement on Saturday, said that “At the rate of Rs 72 per share, the Bank has raised Rs 459,59 crore through QIP.”

“The fund will help the bank to strengthen its capital base and will enable the bank to further rise in tier II capitals,” the bank added.

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