Business Standard

Lakshmi Vilas Bank slips 5% amid concerns over Clix Capital deal

The RBI is learnt to have told state-owned Punjab National Bank to get ready to take over LVB in case the beleaguered lender's proposed transaction with Clix Capital does not materialise.

Lakshmi Vilas Bank

The bank is facing multiple investigations following its exposure to RHC Holding and Ranchem Private Ltd, owned by the Singh brothers.

SI Reporter Mumbai
Shares of Lakshmi Vilas Bank (LVB) slipped 5 per cent to Rs 19.15 on the BSE in the intra-day trade on Wednesday on concerns Clix Capital’s proposed deal may not materialise after a large section of the bank’s shareholders voted against the reappointment of the top brass.

According to a report by business daily Mint, Clix Capital, which was in advanced talks with LVB for a potential merger, may approach the Reserve Bank of India (RBI) for clarity on the future of the deal after the bank’s shareholders voted out seven board members, including its managing director.

The Reserve Bank of India

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First Published: Sep 30 2020 | 10:56 AM IST

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