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Indiabulls Housing merger with Lakshmi Vilas Bank

Indiabulls Housing merger with Lakshmi Vilas Bank
By admin: 4 May 2019

Indiabulls Housing Finance (IHF) and its subsidiary Indiabulls Commercial Credit Ltd (ICC) will be merged into Lakshmi Vilas Bank after a change in the merger agreement announced on the stock exchanges late on Friday. The change will potentially make it easier for the entities to get regulatory approval as Indiabulls promoters may potentially not need to pass muster with the Reserve Bank of India (RBI).

Under the earlier scheme of amalgamation announced on April 5, LVB was supposed to be merged with Indiabulls Housing Finance subject to regulatory approval. The share swap ratios and other details linked to the deal remain the same, said Gagan Banga, managing director at IHF.