India’s Lakshmi Vilas Bank board to mull subordinated debt issue

By Sarah Lizee

Olympia, Wash., March 5 – Lakshmi Vilas Bank Ltd. informed the Bombay Stock Exchange that its board of directors will meet on Friday to consider and approve raising funds by way of issuing unsecured subordinated nonconvertible perpetual additional tier 1 debentures.

The noncumulative Basel 3 compliant debentures would be issued on a private placement basis.

The bank is based in Karur, India.

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