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Lakshmi Vilas Bank names part-time chairman, plans to raise funds

Lakshmi Vilas Bank Ltd. named B. K. Manjunath as part-time chairman and said it plans to raise funds.

The Indian bank said June 6 it appointed Manjunath as part-time chairman for a three-year term, effective the same day. It also co-opted Manjunath as a nonexecutive independent director on its board.

Further, the bank plans to raise funds in one or more public or private offerings either through a qualified institutional placement or an issuance of equity-linked securities, according to a separate same-day release. It also intends to issue debt securities that include nonconvertible debentures and bonds worth up to 2.5 billion Indian rupees on a private placement basis.

As of June 6, US$1 was equivalent to 64.44 Indian rupees.