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 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).