The board of Lakshmi Vilas Bank approved a share swap acquisition by housing finance firm Indiabulls Housing Finance. The merged entity, Indiabulls Lakshmi Vilas Bank, will be among the top eight private banks by size and profitability. The merger will need the approval of the Reserve Bank of India and other regulators. As per the share swap ratio for the merger, for every 100 shares of Lakshmi Vilas Bank shareholders will get 14 shares of Indiabulls Housing Finance.
