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Report: Lakshmi Vilas Bank plans share sale to fund expansion

India-based Lakshmi Vilas Bank Ltd. is looking to sell 50 million equity shares in a qualified institutional placement to raise up to 11 billion Indian rupees, The Economic Times reported June 12, citing "several people with direct knowledge of the matter."

The bank is in talks with Credit Suisse, JP Morgan, Centrum Capital and SBI Capital Markets to manage the sale, which has already been approved by the bank's board. The sale is set to be conducted after the bank's annual general meeting July 18, the sources said.

The bank would use the sale's proceeds for expanding into new markets and for inorganic growth, one of the sources said.

Lakshmi Vilas Bank did not respond to The Economic Times' email for comments.

As of June 9, US$1 was equivalent to 64.32 Indian rupees.