• SENSEX
    NIFTY 50
VIDEOS
Business

Promoter stake will drop to 19.5% post-merger with Lakshmi Vilas Bank, says Indiabulls Housing Finance

Updated : April 05, 2019 09:50 PM IST

Housing finance firm, Indiabulls Housing Finance on Friday said promoter stake will drop, which is currently at 21.5 percent to 19.5 percent post-merger with Lakshmi Vilas Bank.

Today, the board of Lakshmi Vilas Bank approved the merger with Indiabulls Housing Finance. Lakshmi Vilas Bank shareholders will get Indiabulls Housing Finance's 0.14 share of face value Rs 2 for every one share of Rs 10.

In an interview to CNBC-TV18, Gagan Banga, vice chairman and managing director, said, "This is an amalgamation and this is not strictly a new bank licence. If you look at how Indiabulls Housing is placed today, it qualifies under all the norms required even for a new bank licence. Most importantly, Indiabulls Housing is a widely held company with over 65 percent institutional ownership and of which, over 56 percent is held by the foreign institution."
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