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Gagan Banga nominated to head merged entity

Indiabulls Housing Finance said its board has recommended Gagan Banga as CEO of the proposed entity following the merger of the company and Lakshmi Vilas Bank. The company has also proposed the name of Sameer Gehlaut, its chairman as the non-executive chairman of the merged entity. Banga is currently MD and CEO of Indiabulls Housing Finance. The merger proposal has received the approval from Competition Commission of India. The board of Lakshmi Vilas Bank too has approved the merger in April through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and an entry into banking. The company had earlier applied for a banking license but could not receive one.

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