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Lakshmi Vilas Bank looking to raise up to 10B rupees in capital

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Lakshmi Vilas Bank looking to raise up to 10B rupees in capital

Lakshmi Vilas Bank Ltd. is preparing an alternative means of raising funds if its planned merger with Indiabulls Housing Finance Ltd. gets delayed, The Economic Times reported June 3, citing Parthasarthi Mukherjee, the bank's managing director.

The bank is talking to a number of investors about plans to raise around 7 billion Indian rupees to 10 billion rupees, Mukherjee said. The bank may sell 4.99% stake each to three or four investors if the merger is pushed back. The potential investors are private equity funds, the managing director said.

Indiabulls Housing Finance is set to acquire Lakshmi Vilas Bank in a share-swap deal. Mukherjee noted that the transaction is a "landmark" deal as a larger entity will be merging into a smaller one, a move that may pave the way for other transactions going forward.

As of June 3, US$1 was equivalent to 69.18 Indian rupees.