Lakshmi Vilas Bank hits 5% upper circuit in subdued market; here's why

On April 12, 2019, the bank's board had approved the merger of Indiabulls Housing Finance and its wholly owned subsidiary, Indiabulls Commercial Credit with Lakshmi Vilas Bank.

Shares of Lakshmi Vilas Bank (LVB) were locked in the upper circuit of 5 per cent at Rs 73.80 per share on Friday in an otherwise subdued market after Indiabulls Group attributed the stake sale in its realty arm, Indiabulls Real Estate (IBREL), to fastrack the merger of the bank with Indiabulls Housing Finance.

In an interview with CNBC TV18, Ajit Mittal, group president, Indiabulls Group said that promoters of IBREL disposed off 14 per cent stake in the company via block deal to "fast-track the merger process", which is expected to be completed over the next nine to 12