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Clix Group submits offer for up to 90% stake in Lakshmi Vilas Bank

Clix, backed by AION Capital, had submitted its letter of intent to LVB on June 15

Topics
Clix Capital | Lakshmi Vilas Bank

Hamsini Karthik Surajeet Das Gupta & T E Narasimhan  |  Chennai, Mumbai, New Delhi 



Lakshmi Vilas Bank
LVB recently amended its foreign holding clause to accommodate up to 74 per cent holding

Chennai-headquartered (LVB), where shareholders had recently voted against the appointment of seven directors including the chief executive and managing director, said on Thursday that it had received an indicative non-binding offer from the Clix Group. The offer suggests the private equity firm comprising Services Private Limited, Clix Finance India Private Limited and Clix Housing Finance Private Limited would be amalgamated with LVB. According to the offer, Clix Group’s stake in the struggling bank could exceed 74 per cent with its capital infusion of Rs 1,500–1,700 crore.

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First Published: Thu, October 08 2020. 23:32 IST

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