CCI permitted for the merger of Indiabulls Housing Finance and Lakshmi Vilas Bank

CCI permitted for the merger of Indiabulls Housing Finance and Lakshmi Vilas Bank

CCI permitted for the merger of Indiabulls Housing Finance and Lakshmi Vilas Bank

The Competition Commission of India (CCI) approved the proposed merger of the Indiabulls Housing Finance with Lakshmi Vilas Bank.

In April this year, Lakshmi Vilas Bank has announced its merger with Indiabulls Housing Finance in a share-swap deal.

As per the merger proposal was approved by the shareholders, the bank will get 14 shares of Indiabulls Housing Finance for every 100 shares they hold.

Read Also:- IndusInd Bank and Bharat Financial merger to be effective from July 4

The merged entity will be amongst the top eight private banks in India by size and profitability, with a net worth of Rs 19,472 crore, a loan book of Rs 1.23 lakh crore, and a combined workforce of 14,302 employees.

Its Capital Adequacy Ratio (CAR) will be 20.6 per cent. In terms of asset quality, the new entity will have 3.5 per cent Gross NPA and 2 per cent Net NPA.