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Slight revision in LVB-Indiabulls merger

Indiabulls Housing Finance (IHF) and its subsidiary Indiabulls Commercial Credit (ICC) will be merged into Lakshmi Vilas Bank. This is in terms of the revised the merger agreement, which was notified to the stock exchanges. The change is intended to make it easier for the entities to get regulatory approval. The earlier scheme of amalgamation announced on 5 April specified that Lakshmi Vilas Bank would be merged with Indiabulls Housing Finance subject to regulatory approval. According to Gagan Banga, MD, IHF, said under the revised scheme the share swap ratios and other details linked to the deal remain the same. He added that when the scheme was announced in April, both the options were open but after considering all options in the last few days it was decided that both the Indiabulls companies will be merged with the bank. The bank’s shareholders will hold 9.5% in the combined entity, Banga added. In a notice to the stock exchanges, IHF and ICC were described as transferor companies while the bank was described a transferee company, a change from 5 April when the bank was described as the transferor company. The new deal envisages the merger of both Indiabulls companies into LVB on an ongoing basis without being wound up.

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