Expect funding from Indiabulls in April: Lakshmi Vilas Bank

Lakshmi Vilas Bank on April 15 said it has been trying to raise capital for more than a year and expects funding from Indiabulls Housing Finance later in April.

"The bank has been trying for more than a year to raise capital. We have looked at various options. We have involved a number of investment bankers at this. There was a number of private equity investors that we were engaged with. In the end, time was running out for us as far as capital raising is concerned and then this particular transaction has been materialised," said Parthasarathi Mukherjee, Managing Director and CEO, Lakshmi Vilas Bank.

The board of Tamil Nadu-based Lakshmi Vilas Bank on April 12 approved the merger with Indiabulls Housing Finance.

The Reserve Bank of India is yet to approve the Lakshmi Vilas Bank-IHFL merger. In a statement, the RBI had noted that it would examine the proposal as per extant regulatory guidelines and directions.