Lakshmi Vilas Bank plans to raise Rs 300 crore through QIP

Speaking to Business Standard after announcing a series of retail initiatives including signing up with SBI Card, introduction of LVB Mobile app and tie-up with Cigna TTK Health, Chief Operating Officer A J Vidyasagar said the bank would grow its overall business at 25 per cent in 2015-16 and 2016-17.
“It is not our final decision. Fund-raising depends on the market conditions also,” said Vidyasagar. Recently, the bank had raised Rs 140 crore through tier-II bonds.
The bank has traditionally been focusing on the small and medium enterprises segment. While it continue to focus on it, the other growth area would be personal loans, non-business retail and other retail products.
According to Vidyasagar, retail advances, which is currently below Rs 10 crore, has grown 32 per cent on a year-on-year (y-o-y) basis.
Total business mix of the bank improved from Rs 33,039.20 crore to Rs 41,019.12 crore at the end of September 2015, an increase of 24 per cent, y-o-y.
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