Updated By: LatestGKGS Desk
Lakshmi Vilas Bank merges with Indiabulls Housing
Lakshmi Vilas Bank merges with Indiabulls Housing: Details, Significance, Highlights
The Board of private sector lender, Lakshmi Vilas Bank Ltd (LVB) approved its merger with the mortgage financier, Indiabulls Housing Finance Ltd in an all-stock deal.
As per the ‘Scheme of Amalgamation' approved by the Lakshmi Vilas Bank board, for every 100 shares of Laxmi Vilas Bank held, shareholders will receive 14 shares of Indiabulls Housing Finance.
The merger will now undergo the approval of the Reserve Bank of India.
Earlier also in 2014, the bank proposed its merger with the Indiabulls Housing Finance, however, it was rejected by the RBI.
The newly merged enterprise will be named as ‘Indiabulls Lakshmi Vilas Bank’ and will be among the top eight private banks in India by size.
Other Recent Mergers
- Bandhan Bank’s acquisition of Gruh Finance
- The merger of Capital First with IDFC Bank
- The merger of Bharat Financial Inclusion with IndusInd Bank
