Lakshmi Vilas Bank approves merger with Indiabulls Housing Finance

The board of The Lakshmi Vilas Bank Ltd. has approved a scheme of amalgamation with Indiabulls Housing Finance Ltd. The proposed name of the new entity thus formed is Indiabulls Lakshmi Vilas Bank. However, the name will be finalised after getting clearance from regulatory authorities.
For every one share of Rs 10 each, shareholders of Lakshmi Vilas Bank will receive 0.14 equity share of Rs 2 each of Indiabulls Housing Finance.
The merged entity’s net worth will be Rs 19,472 crore, with 14,302 employees and a loan book of Rs 1.23 lakh crore.
Note: The merger is subject to approval from shareholders, Competition Commission of India (CCI), National Housing Bank (NHB) and National Company Law Tribunal (NCLT)

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