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Monday, October 26, 2020

Clix Capital makes amalgamation offer to Lakshmi Vilas Bank

While the Chennai-based bank’s board will evaluate the offer, any amalgamation or takeover can happen only with the concurrence of the Reserve Bank of India.

Written by George Mathew | Mumbai | October 9, 2020 3:18:29 am
According to sources, the amalgamation will need the RBI approval as equity ownership of over five per cent will change in the LVB case. (File)

The Clix Capital group, promoted by Pramod Bhasin and Anil Chawla, has made a non-binding offer for amalgamation of Lakshmi Vilas Bank with the former.

While the Chennai-based bank’s board will evaluate the offer, any amalgamation or takeover can happen only with the concurrence of the Reserve Bank of India. “Further to the process of considering and evaluating the proposed amalgamation with Clix Capital Services Private Ltd, Clix Finance India Private Ltd and Clix Housing Finance, we are glad to inform that the bank has received an indicative non-binding offer from Clix Group,” the bank said in an exchange filing. As per banking sources, the amalgamation will need the RBI approval as equity ownership of over 5 per cent will change in the LVB case.

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