Non-binding merger offer in Lakshmi Vilas Bank shares – Business News

Non-binding merger offer in Lakshmi Vilas Bank shares – Business News

Shares of Lakshmi Vilas Bank rose nearly 10 percent on Friday after receiving a non-binding offer from non-banking finance firm Clicks Group for the merger, the private sector lender said.

On the BSE, the stock jumped 8.43 percent to close at Rs 19.30. During the day, it rose 16 percent to Rs 20.65.

On NSE, it closed up 9.83 percent at Rs 19.55.

In volume terms, it traded 9.24 lakh shares on BSE and over 75 lakh on NSE. Lakshmi Vilas Bank said on Thursday that it had received a non-binding offer from the Aeon-backed Clicks Group for the merger.

The older generation Chennai-based private sector bank, which had long been an investor and looking for capital, was jolted on 25 September when its shareholders voted for seven directors on its board, including CEO S Sundar and promoters K.R. Pradeep included. N. Saiprasad.

Subsequently, the Reserve Bank of India (RBI) appointed a three-member team to run the bank under Mita Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

In an exchange filing on Thursday, the bank’s chief financial officer K. Hariharan said, “For the process of considering and evaluating the proposed amalgamation with Click Capital Services, Click Finance and Click Housing Finance, we are pleased to inform that the Bank has received from Click Group A non-binding offer. ”Clix Group is backed by private equity chief Aion Capital.

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