Tuesday 23 April 2019
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business-standard - 8 days ago

LVB to allot near 5 pc shares to Indiabulls Housing Finance

Lakshmi Vilas Bank (LVB) Monday said it plans to allot nearly 5 per cent equity shares on a preferential basis to Indiabulls Housing Finance Ltd. However, it is not to be considered as a capital raising means before their proposed merger. The bank is proposing to make a preferential allotment to Indiabulls Housing Finance to the extent of 4.99 per cent of the bank s post-money equity, LVB said in a statement. It is expected that the relevant date (of allotment of equity) could be by the end of April 2019, it added. This does not presuppose any capital augmentation on account of the proposed merger, which would only conclude after receipt of all regulatory approvals, it added. Earlier this month, the private sector lender had announced its merger with Indiabulls Housing Finance Ltd (IBHL) in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach. The board of LVB has approved the merger with IBHL in which shareholders of ..

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