The Reserve Bank of India has rejected the proposed merger of Indiabulls Housing Finance Ltd (IHFL) with Lakshmi Vilas Bank (LVB). LVB had sought RBI approval on May 7 for the merger. According to the merger ratio, the shareholders of LVB (face value of Rs 10) were to get 0.14 shares of IHFL (face value of Rs 2) for every share they held. Thus, for every 100 shares held, the LVB shareholder was to get 14 shares of Indiabulls Housing. Subsequently, there was some amendment and the fresh merger plan envisaged the amalgamation of IHFL and Indiabulls Commercial Credit with LVB.

Source: The Telegraph October 09, 2019 18:33 UTC