Laxmi Vilas Bank board fixes Rs 112 as share price for allotment to Indiabulls Housing

By: |
New Delhi | Updated: April 23, 2019 7:12:25 AM

lakshmi vikas bank, banking sector, banking industryThe LVB board in its April 15 meeting had decided to allot 1.68 crore equity shares to IBH, in the interim, in a bid to raise funds.

The board of directors of Lakshmi Vilas Bank (LVB) on Monday fixed `112 per equity share as the actual price at which the shares will be allotted to Indiabulls Housing Finance (IBH) on a preferential basis.

The LVB board in its April 15 meeting had decided to allot 1.68 crore equity shares to IBH, in the interim, in a bid to raise funds.

The board had approved the merger with IBH in which the shareholders of the bank will get 14 shares of IBH for every 100 shares they hold. However, the bank, after the last board meeting on April 15, had said that this does not presuppose any capital augmentation on account of the proposed merger, which would only conclude after receipt of all regulatory approvals. The Monday’s board meeting has also decided to call for an extra ordinary general body meeting on May 20 to get the shareholders’ nod for preferential share allotment.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Sensex falls 500 points; here’s how much investor wealth plunged today
2Essel Propack to be sold to Blackstone for Rs 2,157 crore; open offer follows at this price
3Anil Ambani group stocks tumble after Brickwork Ratings, CARE rating downgrade Reliance Capital