Indian Competition Commission (CCI) has approved the proposed merger with Lakshmi Vilas Bank with 93 years old of Indiabulls Housing Finance. Indiabulls Housing Finance said in the information given to the stock exchange that, "The Indian Competition Commission has considered the merger proposal in its meeting on June 20, 2019 and approved it."
However, to complete the merger process, approval of other institutions, including the RBI, SEBI, is necessary. This process can take up to 6 to 8 months. In April 2019, Lakshmi Vilas Bank announced its merger with Indiabulls Housing Finance. The Board of Directors of Lakshmi Vilas Bank has also approved the proposal.
Under the merger proposal of Indiabulls Housing and Lakshmi Vilas Bank, the shareholders of the bank will get 14 shares of Indiabulls instead of 100 per share. The combined strength of the two companies will be 14,302 employees in the combined entity, and in the first nine months of 2018-19, the loan given will be 1.23 lakh crore rupees. At present, Lakshmi Vilas Bank has 569 branches across the country, 1046 ATMs. If there is talk of Indiabulls Housing Finance then there are 220 branches across the country.
Let us know that Lakshmi Vilas Bank came into existence in the year 1926. After it came into existence, there was a license from the Reserve Bank of India (RBI) in 1958. After this Lakshmi Vilas Bank became a commercial bank. Bank branch expansion started from 1974 Branch and financial centers of Lakshmi Vilas Bank are also present in Andhra Pradesh, Karnataka, Kerala and Delhi, Mumbai and Kolkata.