Lakshmi Vilas Bank: Outcome Of The Meeting Of The Board Of Directors ('Board') Of The Lakshmi Vilas Bank Limited ('Bank')

Further to our intimation dated October 12 2020 the Board at its meeting held today i.e. October 15 2020 have considered and approved inter-alia subject to the necessary approvals the raising of funds by issuance and allotment of equity shares or such other eligible securities of the Bank for an aggregate amount of up to Rs.500 crores (Rupees Five Hundred crores) by way of a rights issue on such terms (to be decided by the Board or a duly constituted committee of the Board at a later date) in accordance with applicable law including Companies Act 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 each as amended.

The meeting of the Board commenced at 12:10 p.m. and concluded at 12:55 p.m.