Lakshmi Vilas board okays merger deal with Indiabulls Housing

India’s Lakshmi Vilas Bank Ltd said on Friday its board has approved a share swap acquisition by housing finance firm Indiabulls Housing Finance Ltd.

India’s Lakshmi Vilas Bank Ltd said on Friday its board has approved a share swap acquisition by housing finance firm Indiabulls Housing Finance Ltd.

Indiabulls Financial Services (IBFSL), one of India's leading private sector non-banking financial services company, 29/10/2011. (Mint file photo)

For every share held, the shareholders of the private-sector bank would be entitled to get 0.14 share in Indiabulls, Lakshmi Vilas Bank said in a statement.