Clix Group submits offer for up to 90% stake in Lakshmi Vilas Bank

Clix, backed by AION Capital, had submitted its letter of intent to LVB on June 15

Chennai-headquartered Lakshmi Vilas Bank (LVB), where shareholders had recently voted against the appointment of seven directors including the chief executive and managing director, said on Thursday that it had received an indicative non-binding offer from the Clix Group. The offer suggests the private equity firm comprising Clix Capital Services Private Limited, Clix Finance India Private Limited and Clix Housing Finance Private Limited would be amalgamated with LVB. According to the offer, Clix Group’s stake in the struggling bank could exceed 74 per cent with its capital infusion of Rs 1,500–1,700 crore.   

Clix, backed by AION Capital, had submitted its letter