Federal Bank board nod for LKB takeover

 According to a release issued by Federal Bank to the BSE today, the approval is subject to an acceptable valuation and all statutory, regulatory and other approvals.

 "The board has constituted a committee to take necessary steps for conducting financial and legal due diligence, obtaining and arriving at a valuation, evaluating the proposals for payment of consideration for merger of LKB and placing before the board its recommendations," the release added.