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Lakshmi Vilas Bank authorizes share placement to boost capital

Lakshmi Vilas Bank Ltd.'s shareholders authorized the opening of a qualified institutional placement Dec. 28 to raise the bank's capital to 5 billion Indian rupees.

The bank on Dec. 29 said it also set the placement's floor price at 141.15 rupees per equity share.

As of Dec. 28, US$1 was equivalent to 68.21 Indian rupees.