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Lakshmi Vilas Bank receives preliminary, non-binding letter of intent from Clix Capital Services

Lakshmi Vilas Bank receives preliminary, non-binding letter of intent from Clix Capital Services

Lakshmi Vilas Bank receives preliminary, non-binding letter of intent from Clix Capital Services
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By CNBCTV18.com Jun 15, 2020 6:20:03 PM IST (Updated)

Post the announcement, the stock hit a 5 percent upper circuit at Rs 15.30 on BSE.

Lakshmi Vilas Bank, on Monday, announced that it has received a non-binding letter of intent (LoI) received from a potential investor. In a regulatory filing, the lender said that it has received a preliminary, non-binding letter of intent from Clix Capital Services, adding that the Board of Directors of the Bank has considered the LoI for further processing in their meeting held today (June 15, 2020).

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Under the non-binding LoI, the proposed transaction is subject to completion of due diligence, which the Bank and the intending parties will be carrying out and will be subject to regulatory and other customary approvals, it added.
"In the event, the discussions between the contracting parties in relation to the proposed transactions are successful and definitive agreements are executed, we will make appropriate disclosures as required under the provisions of applicable law," the BSE filing added.
Post the announcement, the stock hit a 5 percent upper circuit at Rs 15.30 on BSE.
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