Indiabulls Housing Finance and Lakshmi Vilas Bank rose by 3.01% to 10% at 11:59 IST on BSE after the Competition Commission of India approved the proposed amalgamation of Indiabulls Housing Finance with the Lakshmi Vilas Bank.
The announcement was made by Indiabulls Housing Finance during market hours today, 20 June 2019.
Meanwhile, the S&P BSE Sensex was down by 162.92 points, or 0.41% to 39,438.71.
Indiabulls Housing Finance was up 3.01% to Rs 618. Lakshmi Vilas Bank hit an upper circuit limit of 10% at Rs 63.50.
The scheme of amalgamation of Indiabulls Housing Finance (IBH) and Indiabulls Commercial Credit (ICCL) with The Lakshmi Vilas Bank (LVB) was approved by the Competition Commission of India (CCI). The scheme of amalgamation remains subject to receipt of applicable regulatory and other approvals.
On 5 April 2019, Lakshmi Vilas Bank said that its board approved a merger with Indiabulls Housing Finance. The share-swap ratio for the merger has been fixed at 1:0.14, which means that for every 100 shares of Lakshmi Vilas Bank held by shareholders, they will be entitled to receive 14 shares of Indiabulls Housing Finance.
On a consolidated basis, Indiabulls Housing Finance's net profit fell 7% to Rs 1006.15 crore on a 5.2% rise in the total income to Rs 4209.81 crore in Q4 March 2019 over Q4 March 2018.
Lakshmi Vilas Bank reported net loss of Rs 264.43 crore in Q4 March 2019 compared with net loss of Rs 622.25 crore in Q4 March 2018. Total income fell 0.2% to Rs 739.73 crore in Q4 March 2019 over Q4 March 2018.
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