The Competition Commission of India has approved Indiabulls Housing Finance Ltd.'s proposed merger with Lakshmi Vilas Bank, the non-banking lender said in a regulatory filing on Friday. The Indiabulls-Laxmi Vilas merger was announced in April this year.
"The Competition Commission of India... at its meeting held on June 20, 2019, considered the proposed combination and approved the same," Indiabulls Housing Finance said in the BSE filing.
The board of Lakshmi Vilas Bank had in April approved the merger with Indiabulls Housing Finance in which shareholders of the bank will get 14 shares of Indiabulls Housing Finance for every 100 shares they hold.
The combined entity, with employee strength of 14,302, will have a loan book size of Rs 1.23 lakh crore for the first nine-month period of 2018-19.
After the proposed merger, Indiabulls Housing Finance will get access to low-cost deposits, geographical diversification and expanded client-base and cross-selling opportunities.
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