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Shares of Lakshmi Vilas Bank rises on approving merger with Indiabulls Housing

Reuters Chennai | Updated on April 08, 2019 Published on April 08, 2019

Lakshmi Vilas Bank, on Friday, approved a merger deal with Indiabulls Housing Finance Ltd. File photo

Shares of private sector lender Lakshmi Vilas Bank (LVB) Ltd rose as much as 4.9 per cent to Rs 97.4 , their highest since September 2018

The bank, on Friday, approved a merger deal with Indiabulls Housing Finance Ltd.

However, on Sunday, the Reserve Bank of India (RBI) stated that it has not yet approved the merger proposal of Lakshmi Vilas and Indiabulls Housing Finance.

Read: Don’t allow LVB to merge with IHFL, AIBEA tells RBI

About 2.2 million shares changed hands compared to the 30-day average of around 3.4 million shares. As of Friday's close, the stock is up 6.48 per cent so far this year.

The stock closed Monday's session at Rs 97.35, up Rs 4.60 (+4.96%) on the BSE.

Published on April 08, 2019
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