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RBI says not yet approved merger of Lakshmi Vilas and Indiabulls Housing

It said it will examine the proposal upon receiving it from the parties in line with regulatory guidelines.

Reuters 

rbi, reserve bank of india
It said it will examine the proposal upon receiving it from the parties in line with regulatory guidelines.

The of (RBI) said it has not yet approved a merger proposal of Ltd and Housing Finance Ltd.

Responding to that the presence of two nominee directors of on the board of implies RBI's indirect approval of the deal, the central bank said the deal does not have its approval at this stage.

"It is also clarified that presence of additional directors nominated by the on the Board of LVB (Bank) does not imply any approval of the of the merger proposal", the central bank said in a statement on Saturday, adding that the directors have no view on the deal.

It said it will examine the proposal upon receiving it from the parties in line with regulatory guidelines.

The had said in a filing on Friday that they will merge operations in a share-swap deal.

Shareholders of the Chennai-based bank will get 0.14 share in for every share held in the lender, according to terms of the deal disclosed on Friday.

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sun, April 07 2019. 13:35 IST
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