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IBULHSGFIN - Indiabulls Housing Finance News Story

₹183.8 -3.9  -2.1%

Last Trade - 14/05/21

Market Cap £793.0m
Enterprise Value £6.46bn
Revenue £982.8m
Position in Universe 327th / 3111

India's cbank says not yet approved merger of Lakshmi Vilas and Indiabulls Housing

Sun 7th April, 2019 7:25am
April 7 (Reuters) - India's central bank said it has not yet
approved a merger proposal of private-sector lender Lakshmi
Vilas Bank Ltd  LVLS.NS  and Indiabulls Housing Finance Ltd
 INBF.NS .
    Responding to media speculation that the presence of two
nominee directors of the Reserve Bank of India (RBI) on the
board of Lakshmi Vilas Bank implies RBI's indirect approval of
the deal, the central bank said the deal does not have its
approval at this stage. 
     "It is also clarified that presence of additional directors
nominated by the RBI on the Board of LVB (Lakshmi Vilas Bank)
does not imply any approval of the RBI of the merger proposal",
the central bank said in a statement on Saturday, adding that
the directors have no view on the deal.
    It said it will examine the proposal upon receiving it from
the parties in line with regulatory guidelines.
    The companies had said in a filing on Friday that they will
merge operations in a share-swap deal.  urn:newsml:reuters.com:*:nL3N21N1Z8
    Shareholders of the Chennai-based bank will get 0.14 share
in Indiabulls for every share held in the lender, according to
terms of the deal disclosed on Friday.
    
    

 (Reporting by Kanishka Singh in Bengaluru; Editing by Kim
Coghill)
 ((Kanishka.Singh@thomsonreuters.com; +91 80 6749 0021;))
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