Lakshmi Vilas Bank 'right' among losers

Lakshmi Vilas Bank has been ruling the top spot among the top three losers on the BSE since the opening bell. The stock went down almost 6% to Rs.169.75 and continues to languish in the red.

On Saturday, the Tamil Nadu based bank announced its schedule for the Rights Issue. It has fixed 6th Dec as the Record Date.

The Rights Issue is for 6,44,97,155 shares, offered at Rs 122 per rights equity share, in the ratio of 1:3.

Record date is the date established by the company for determining the shareholders who are entitled to receive dividend, bonus or rights shares of the company.

A rights is always issued at a discounted price and after the rights issue trades at a price which is at the same proportion of the rights ratio.