INSUBCONTINENT EXCLUSIVE:
The companies had said in a filing on Friday that they will merge operations in a share-swap deal.The Reserve Bank of India (RBI) said it
has not yet approved a merger proposal of private-sector lender Lakshmi Vilas Bank and Indiabulls Housing Finance.Responding to media
speculation that the presence of two nominee directors of RBI on the board of Lakshmi Vilas Bank implies RBI's indirect approval of the
deal, the central bank said the deal does not have its approval at this stage."It is also clarified that presence of additional directors
nominated by the RBI on the Board of LVB (Lakshmi Vilas Bank) does not imply any approval of the RBI of the merger proposal", the central
bank said in a statement on Saturday, adding that the directors have no view on the deal.It said it will examine the proposal upon receiving
it from the parties in line with regulatory guidelines.The companies had said in a filing on Friday that they will merge operations in a
share-swap deal.Shareholders of the Chennai-based bank will get 0.14 share in Indiabulls for every share held in the lender, according to
terms of the deal disclosed on Friday.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on
TheIndianSubcontinent.com/elections
Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general
