These subsidiaries are Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah - acquired in July 2020
Lakshmi Vilas Bank was locked in upper circuit on June 16 after the bank signed a preliminary, non-binding letter of intent (Loi) with Clix Capital Services Private Ltd.
"Certain inputs that would have been required by the board for it to deliberate and take a final decision have been delayed given the current environment," the company said in a regulatory filing.
The exercise assumes significance as it is taking place at a time when the entire country is under the grip of the COVID-19 outbreak, which has triggered a 21-day lockdown.
On November 6, 2019, the Mumbai Bench of the NCLT had sanctioned the scheme and the order was subject to sanction of the Chandigarh Bench of NCLT.
United Bank of India, which is to be merged with Punjab National Bank and Oriental Bank of Commerce has already written to the Government
Under the terms of the draft MoU, PSA and Fiat Chrysler would each have five seats on the board of the merged entity.
Weekly wrap: RBI's new loan pricing norm may put banks in a fix, NBFCs' outlook remains grim and a checklist for customers of merging PSBs
PNB has identified 23 internal working groups and will soon float Request for Proposals (RFPs) to appoint a consultant for restructuring products and services that are best-suited for the customers of the merged entity.
The consolidation will bring down the total number of public sector banks to 12 from 27.
The market prices of Lakshmi Vilas Bank and Indiabulls Housing Finance do not suggest a merger is likely to happen anytime soon
The move is aimed at improving operation and cost efficiency within the group
The merger will also give an exit opportunity for the group's two key investors-Piramal Enterprises and TPG Capital.
If the merger takes place, then on a proforma basis, the merged entity will have a net worth Rs 19,472 crore and a loan book Rs 1,23,393 crore as of December 2018
The merged entity's net worth will be Rs 19,472 crore, with 14,302 employees and a loan book of Rs 1.23 lakh crore.
2018 witnessed generally swift and speedy approvals by the CCI. Yet again the CCI showed its maturity whether it was dealing with cases under the new Insolvency and Bankruptcy Code 2016 (Insolvency Code) or with high profile mergers such as Walmart/Flipkart and Siemens/Alstom.
In the longer run, anyone looking to come and invest in India would fancy the merged entity for their core portfolio in all probability
Most global brokerage firms have maintained their rating for Bandhan Bank, but expressed doubts about the synergies that the deal would offer
The amalgamation will result in enhancement of shareholders' value accruing from the synergy of operations, new products development, integration of technology and information
Outright privatisation will be the best option for state-owned banks, but the least the government should do is consider overhauling governance and management structures.
The swap ratio appears fair in respect to Dena Bank owing to the multiple challenges faced by the bank, and most experts feel that Vijaya Bank shareholders have nothing to gain from this merger.
Brokerages feel that the deal is likely to be EPS-accretive for HUL and investors who have a time horizon of more than a year can hold the stock with a target placed above Rs 2,000
Applications are being invited from chartered accountancy firms to value each bank and decide on the probable swap ratio.