Motilal Oswal
    NIFTY 50
Motilal Oswal

Lakshmi Vilas Bank says tried to raise capital over a year, expects funding from Indiabulls later in April

Updated : April 15, 2019 12:29 PM IST

Lakshmi Vilas Bank on Monday said it has been trying to raise capital for more than a year and expects the funding from Indiabulls Housing Finance later in April.

“The bank has been trying for more than a year to raise capital. We have looked at various options. We have involved a number of investment bankers at this. There was a number of private equity investors that we were engaged with. In the end, time was running out for us as far as capital raising is concerned and then this particular transaction has been materialised," said Parthasarathi Mukherjee, MD and CEO, Lakshmi Vilas Bank.

Earlier this month, the board of Tamil Nadu-based Lakshmi Vilas Bank has Friday approved the merger with Indiabulls Housing Finance.

The Reserve Bank of India is yet to approve the Lakshmi Vilas Bank-IHFL merger. In a statement, the RBI had noted that it would examine the proposal as per extant regulatory guidelines and directions.
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more
Live TV