Clix Capital, Lakshmi Vilas Bank set to make a joint presentation to RBI

As Clix restarts merger talks with the new representative of LVB, it is said that the two may make a joint presentation to the RBI this week. Clix will put forth details on the merger and state some of its key conditions critical for the deal to come through.

These conditions include the firm taking 51 per cent or more stake in LVB, and the leeway to gradually reduce stake to 15 per cent over 8-10 years without any mandatory long-term lock-in conditions on the shares and indemnity to its directors from future claims made against the bank, pertaining to its business before the merger.

A few large investors of LVB are said to have reached out to some PSBs for a bailout.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor