Lakshmi Vilas Bank Ltd (LVB) has amended the scheme of amalgamation leading Indiabulls Housing Finance Ltd (IBHFL) and its subsidiary Indiabulls Commercial Credit Ltd (ICCL) to merge into the bank, changing the previous scheme where the Bank was to be merged with the housing finance company.
IBHFL will hold around 90.5 per cent of the equity capital of the merged entity, while shareholders of LVB will hold around 9.5 per cent.
LVB will issue equity shares to both companies on the record date and no separate consideration will be paid for the transfer of the subsidiary.
ICCL, a non-deposit taking NBFC registered with