Laxmi bank to announce 1:1 right share in its upcoming AGM; 57,926 units worth Rs 3.189 crore traded yesterday

As per the capital plan of Laxmi Bank Ltd (LBL), the bank plans to issue 1:1 right shares to its shareholder.

A highly placed source said, “Laxmi bank's 1:1 right share announcement is to be made soon, most probably by the end of January 2016. In fact the balance sheet of the bank has been submitted to the NRB. Now as soon as approval comes the bank will call AGM with rights announcement.”

If we were to look at the price movement of shares of LBL in the secondary market, one can easily predict that some good news may be coming from Laxmi bank in near future. The share price of LBL had been hovering from Rs 470/unit to Rs490/unit for a while.

In last two trading days (Sunday and Monday) the closing price of LBL has jumped from Rs 487/unit to Rs 510/unit on Sunday and to Rs 561/unit on Monday. Yesterday the shares of LBL has hit circuit, increased by 10 %. 57,926 units of shares worth Rs 3.189 crore of LBL were traded yesterday. This increase in price and volume at the secondary market suggest that Laxmi bank may have something for the investors in its AGM announcement which yet to be published.