Lakshmi Vilas Bank corrects on profit booking

Lakshmi Vilas Bank hit a lower circuit limit of 5% to Rs 92.50 at 14:57 IST on BSE on profit booking after a recent rally.

Meanwhile, the S&P BSE Sensex was up 134.16 points, or 0.35% to 38,834.69.

On the BSE, 15.04 lakh shares were traded in the counter so far compared with average daily volumes of 11.67 lakh shares in the past two weeks. The stock had hit a high of Rs 97.35 in intraday. The stock hit a 52-week high of Rs 121.75 on 21 June 2018. The stock hit a 52-week low of Rs 54.80 on 25 February 2019.

Shares of Lakshmi Vilas Bank surged 15.69% in three trading sessions to settle at Rs 97.35 yesterday, 8 April 2019, from its close of Rs 84.15 on 3 April 2019.

Shares of Lakshmi Vilas Bank hit an upper circuit limit of 5% to end at Rs 97.35 yesterday, 8 April 2019, after the bank said that its board approved a merger with Indiabulls Housing Finance. The announcement was made after market hours on Friday, 5 April 2019.

Lakshmi Vilas Bank said it will amalgamate into Indiabulls Housing Finance, subject to the Reserve Bank of India (RBI) and other regulatory and statutory approvals. The share-swap ratio for the merger has been fixed at 1:0.14, which means that for every 100 shares of Lakshmi Vilas Bank held by shareholders, they will be entitled to receive 14 shares of Indiabulls Housing Finance.

Lakshmi Vilas Bank reported net loss of Rs 373.49 crore in Q3 December 2018 as against net loss of Rs 39.23 crore in Q3 December 2017. Total income declined 6.73% to Rs 762.48 crore in Q3 December 2018 over Q3 December 2017.

As on 31 December 2018, Lakshmi Vilas Bank's operations are spread over a network of 569 branches (plus 6 extension counters) with pan-India presence, supervised by 11 regional offices.

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