The Government of India has today sanctioned the Scheme for the amalgamation of the Lakshmi Vilas Bank Ltd. with DBS Bank India Ltd. The amalgamation will come into force on the Appointed date i.e. November 27, 2020. All the branches of the Lakshmi Vilas Bank Ltd. will function as branches of DBS Bank India Ltd. with effect from this date.
Customers, including depositors of the Lakshmi Vilas Bank Ltd. will be able to operate their accounts as customers of DBS Bank India Ltd. with effect from November 27, 2020. Consequently the moratorium on the Lakshmi Vilas Bank Ltd. will cease to be operative from that date. DBS Bank India Ltd. is making necessary arrangements to ensure that service, as usual, is provided to the customers of the Lakshmi Vilas Bank Ltd.
Shares of LAKSHMI VILAS BANK LTD. was last trading in BSE at Rs.7.65 as compared to the previous close of Rs. 7.3. The total number of shares traded during the day was 8648194 in over 4712 trades.
The stock hit an intraday high of Rs. 7.65 and intraday low of 6.95. The net turnover during the day was Rs. 62248170.