Lakshmi Vilas Bank, Indiabulls Housing Finance Merger Approved by CCI
June 25, 2019
The merger of Indiabulls Housing Finance and Lakshmi Vilas Bank has been approved by Competition Commission India (CCI). It was revealed in a BSE filing by Indiabulls Housing Finance.
Post CCI’s approval of the merger, the shares of Lakshmi Vilas Bank hit the upper circuit of 10%.
Lakshmi Vilas Bank had announced amalgamation with Indiabulls Housing Finance earlier in April under a share-swap arrangement with the aim of building a bigger entity that has a wider market reach and higher capital. The new body will have a loan book of size ₹1.23 lakh crores and employee strength of 14,302.