Lakshmi Vilas Bank Resolution Plan Final Merger Scheme Delayed To Next Week By Rbi – Final Merger Plan of Dbs India and Lakshmi Vilas Bank postponed to next week


Business Desk, Amar Ujala, New Delhi
Updated Sat, 21 Nov 2020 03:59 PM IST

Laxmi Vilas Bank
– Photo: Social Media

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The Reserve Bank of India (RBI) has postponed the announcement of a definitive plan for the final merger of Lakshmi Vilas Bank (LVB) with DBS India, possibly for the next week. The first central bank was scheduled to release the scheme on Friday. According to a central bank official, the Reserve Bank is likely to do so next week.

The draft merger was released on November 17
Along with imposing sanctions on Lakshmi Vilas Bank, the Reserve Bank had issued a draft merger on 17 November. The Reserve Bank had said that it would release the final merger plan on 20 November. However, the Reserve Bank did not release the final plan until 10 pm on 20 November. A senior Reserve Bank official said that now the scheme will be released early next week.

Promoters hold 6.8 per cent stake
The promoters hold a mere 6.8 per cent stake in Lakshmi Vilas Bank. KR Pradeep holds 4.8 per cent stake in it and the remaining two per cent is with the other three promoter families N Ramamitram, NT Shah and SB Prabhakaran. Indiabulls Housing-led institutional investors hold a little over 20 per cent and retail shareholders over 45 per cent in the bank.

Other institutional investors hold so much stake
Other institutional investors include Prolific Finvest (3.36 per cent), Srei Infra Finance (3.34 per cent), Capri Global Advisory Services (2 per cent), MN Dastur & Co (1.89 per cent), Capital Global Holdings (1.82 per cent), Trinity Alternative Investment Managers ( 1.61 per cent), balance infrastructure (1.36 per cent) and LIC (1.32 per cent).

The Reserve Bank of India (RBI) has postponed the announcement of a definitive plan for the final merger of Lakshmi Vilas Bank (LVB) with DBS India, possibly for the next week. The first central bank was scheduled to release the scheme on Friday. According to a central bank official, the Reserve Bank is likely to do so next week.

The draft merger was released on November 17

Along with imposing sanctions on Lakshmi Vilas Bank, the Reserve Bank had issued a draft merger on 17 November. The Reserve Bank had said that it would release the final merger plan on 20 November. However, the Reserve Bank did not release the final plan until 10 pm on 20 November. A senior Reserve Bank official said that now the scheme will be released early next week.

Promoters hold 6.8 per cent stake

The promoters hold a mere 6.8 per cent stake in Lakshmi Vilas Bank. KR Pradeep holds 4.8 per cent stake in it and the remaining two per cent is with the other three promoter families N Ramamitram, NT Shah and SB Prabhakaran. Indiabulls Housing-led institutional investors hold a little over 20 per cent and retail shareholders over 45 per cent in the bank.

Other institutional investors hold so much stake
Other institutional investors include Prolific Finvest (3.36 per cent), Srei Infra Finance (3.34 per cent), Capri Global Advisory Services (2 per cent), MN Dastur & Co (1.89 per cent), Capital Global Holdings (1.82 per cent), Trinity Alternative Investment Managers ( 1.61 per cent), balance infrastructure (1.36 per cent) and LIC (1.32 per cent).


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