Lakshmi Vilas Bank receives LoI from Clix Capital for 51% stake purchase

Deal size pegged at Rs 1,400-1,500 cr; Clix may also want to take up to 74% by roping in another investo

Capital-starved Lakshmi Vilas Bank (LVB) on Monday said it had received a preliminary, nonbinding letter of intent (LoI) from AION Capital-backed Clix Capital Services and Clix Finance India for a proposed capital-raising transaction. The bank and the intending parties will be carrying out due diligence, LVB said in a statement to the stock exchanges, and will make “appropriate disclosures as required under the provisions of applicable law” in the event of the execution of definitive agreements.

Private equity player AION Capital, through the two non-banking financial units, is set to lead the deal as it looks to buy over a 51