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IBULHSGFIN - Indiabulls Housing Finance News Story

₹192.25 1.0  0.5%

Last Trade - 09/04/21

Sector
Financials
Size
Mid Cap
Market Cap £836.0m
Enterprise Value £6.54bn
Revenue £990.7m
Position in Universe 308th / 3106

UPDATE 1-India to fold Lakshmi Vilas into local arm of Singapore's DBS

Tue 17th November, 2020 2:34pm
(Updates to add detail, background)
    NEW DELHI, Nov 17 (Reuters) - The Reserve Bank of India on
Tuesday proposed folding Lakshmi Vilas Bank  LVLS.NS  into the
local unit of Singapore's DBS  DBSM.SI , shortly after taking
control of the Indian lender due to a "serious deterioration" in
its financial position. 
    India also said in a statement it had temporarily capped
withdrawals from Lakshmi Vilas, which had been locked in
protracted talks with Clix Capital, at 25,000 rupees ($336).
    Lakshmi Vilas has been looking for a buyer since last year
and the RBI last year rejected a proposal for it to merge with
shadow lender Indiabulls Housing Finance Ltd  INBF.NS .    
    Clix, part of a company owned by Mumbai-based private equity
firm AION Capital, had in June submitted a non-binding offer to
acquire Chennai-based Lakshmi Vilas, which has been struggling
with bad loans and governance issues.
    AION is a partnership between New York-based Apollo Global
Management  APO.N  and a unit of India's ICICI Bank  ICBK.NS .  
    Lakshmi Vilas shares fell 4% last week after India's
Economic Times reported Clix was prepared to walk away from the
deal if talks dragged on without a firm timeline.  urn:newsml:reuters.com:*:nNRAdh6unl
($1 = 74.4490 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru, Sankalp Phartiyal and
Aftab Ahmed in New Delhi and Nupur Anand in Mumbai; 
Editing by Euan Rocha, Shounak Dasgupta and Alexander Smith)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695;
chris.thomas@thomsonreuters.com; +91-80-6749-8695))
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