You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Lakshmi Vilas Bank spurts post update on Clix Group merger

Capital Market 

Lakshmi Vilas Bank hit an upper circuit of 10% at Rs 22.35 after the private lender said that the mutual due diligence process for the proposed amalgamation of Clix Group with the bank is substantially complete.

The parties are in discussions on the next steps, the bank said in a BSE filing made after market hours yesterday.

On 15 June 2020, Lakshmi Vilas Bank said that it had received preliminary, non-binding letter of intent (LoI) from Clix Capital Services & Clix Finance India (collectively the Clix Group). Under the non-binding LoI, the proposed amalgamation is subject to completion of mutual due-diligence, regulatory and other customary approvals.

Since the announcement, the stock has gained 53.29% from its close of Rs 14.58 on 12 June 2020.

On 30 July 2020, the bank had informed that, as per the mutual understanding between parties, the exclusivity period was extended till 15 September 2020 due to prevailing pandemic situation.

Lakshmi Vilas Bank is a private sector commercial bank. The bank provides a variety of services, including corporate banking, commercial & personal banking, retail banking, NRI services, insurance and development banking. As on 30 June 2020, the bank had a network of 566 branches, 5 Extension -counters, 918 ATMs in 19 states and 1 union territory. Tamil Nadu is the dominant contributor of business for the bank.

The bank reported a loss of Rs 112.28 crore in Q1 FY21 as compared to a loss of Rs 237.25 crore recorded in Q1 FY20. Total income during the quarter declined 20.4% YoY to Rs 538.84 crore.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, September 16 2020. 09:54 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU