Lakshmi Vilas Bank board approves merger with Indiabulls Housing Finance

Lakshmi Vilas Bank said on Friday its board has approved a share swap acquisition by housing finance firm Indiabulls Housing Finance.

For every share held, the shareholders of the private-sector bank would be entitled to get 0.14 share in Indiabulls, Lakshmi Vilas Bank said in a statement.

Lakshmi Vilas Bank shares were locked at 5 per cent upper circuit, at Rs 92.75, for the second straight day, in intra-day trade on the BSE after reports of a merger with Indiabulls Housing Finance.

Shares of Indiabulls Housing Finance were up 2 per cent to Rs 916, gaining 9 per cent in