The Lakshmi Vilas Bank Ltd had signed preliminary, non-binding letter of intent ("LOI") with M/s. Clix Capital Services Private Limited ("Clix Capital"), M/s. Clix Finance India Private Limited ("Clix Finance"), (collectively, the "Clix Group") as on 15.06.2020 in relation to the proposed amalgamation of Clix Group with the Bank. Under the non-binding LOI, the proposed amalgamation is subject to completion of mutual due-diligence, regulatory and other customary approvals. We also refer to our further communication dated 30.07.2020 wherein it was informed that, as per the mutual understanding between parties, the exclusivity period was extended till 15.09.2020 due to prevailing pandemic situation.
The mutual due diligence is substantially complete, and the parties are in discussions on the next steps. The Bank will continue to share any further information as and when they materialize.
Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.20.35 as compared to the previous close of Rs. 20.8. The total number of shares traded during the day was 61976 in over 329 trades.
The stock hit an intraday high of Rs. 20.95 and intraday low of 20.05. The net turnover during the day was Rs. 1262231.