Lakshmi Vilas Bank share rise near 10pc after merger approval

Shares of Private sector lender Lakshmi Vilas Bank gained near 10pc during Mid-market session after the Indian Competition Commission or CCI, has approved the amalgamation deal between the Indiabulls Housing Finance &LaxmiVilas Bank.

As per deal, the LakshmiVilas Bank share-holders will reportedly be entitled to have 14 shares of IndiabullsHousing for each 100 shares they hold.

The development impacted to stocks, and the LaxmiVilas bank shares touched its intraday high of Rs63.55per share up by 9.95% or Rs.5.75, from its opening level of Rs58.05 per share on the NSE, whose benchmark index Nifty quoted at 11781.55 down 50 points and the Senex at 39.386.37 down 215 points at 1.30pm.

Simultaneously, shares of Indiabulls Housing Finance also went up by 1.53% or Rs.9.20 at Rs.608.95per share, on the NSE. The stock touched an intraday high and low of Rs622.30 and Rs559.40 during the day.

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