Lakshmi Vilas Bank extends rally on merger with Indiabulls Housing Finance

According to the terms of the deal disclosed on Friday, the shareholders of the Chennai-based bank will get 0.14 share in Indiabulls for every share held in the lender

Shares of Lakshmi Vilas Bank (LVB) were locked in the upper circuit for the third straight trading days after rising 5 per cent to Rs 97.35 on the BSE on Monday after the private sector lender announced merger with non-banking finance company Indiabulls Housing Finance (IHF).

The bank made the disclosure on Friday after market hours. The approval is subject to the Reserve Bank of India (RBI) and other regulatory & statutory approvals.

Till 09:52 am, a combined 2.48 million equity shares had changed hands and there were pending buy orders for 12.86 million shares on the BSE and NSE,