Lakshmi Vilas Bank, a private bank head quartered at Chennai has merged with India Bulls. The director board of both institutions gave green signal for the merging. As per the agreement for 100 shares of Lakshmi Vilas bank 14 India Bulls share will give given.
This is the second time that a NBFC(Non- Banking Financial Corporation) is taking over a bank. Earlier in the last year, Capital Fist has took over the IDFC bank.
India Bulls has earlier approached the Reserve bank of India fo starting banking operations but the apex bank has denied it licence.
After the merging is completed, the India Bulls will have a paid-up capital of around,472 core rupees. The company has given around 123,000 crore rupees a loans.