Lakshmi Vilas Bank spurts on receiving LoI from Clix Capital

Lakshmi Vilas Bank hit an upper circuit of 5% at Rs 15.30 after the bank announced that it has received a non-binding letter of intent (LoI) from a potential investor.

Lakshmi Vilas Bank (LVB) said it routinely evaluates capital raising options and proposals which are in its best interest. The bank has received preliminary, non-binding letter of intent (LoI) from Clix Capital Services & Clix Finance India dated 12 June 2020.

Under the non-binding LoI, the proposed transaction is subject to completion of due diligence, and will be subject to regulatory and other customary approvals. In the event the discussions between the contracting parties in relation to the proposed transactions are successful and definitive agreements are executed, the bank will make appropriate disclosures as required under the provisions of applicable law, the bank announced during trading hours today, 15 June 2020.

LVB reported a net loss of Rs 334.48 crore in Q3 December 2019 as against a net loss of Rs 373.49 crore in Q3 December 2018. Total income fell 23.2% year-on-year to Rs 585.77 crore in the third quarter.

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