CCI approves Indiabulls Housing, LVB merger; bank's stock zooms 10%

As per the share swap ratio for the merger, for every 100 shares of Lakshmi Vilas Bank shareholders will get 14 shares of Indiabulls Housing Finance.

Shares of Lakshmi Vilas Bank were locked in the upper circuit of 10 per cent at Rs 63.50, in the morning deals on Friday after Competition Commission of India (CCI) approved the proposed merger with Indiabulls Housing Finance Ltd (IBHFL).

Till 11:19 am; a combined 4.39 million shares changed hands and there were pending buy orders for 4,40,474 shares on the NSE and BSE.
 

The shares of IBHFL have moved higher by 4 per cent to Rs 622, bouncing back 11 per cent from its intra-day low of Rs 560 on the BSE. In comparison, the S&P BSE Sensex