Indiabulls Housing Finance shares plunge after merger setback
5 years, 2 months ago

Indiabulls Housing Finance shares plunge after merger setback

Live Mint  

Indiabulls Housing Finance Ltd. plunged on Thursday, as the rebuff to its plan to merge with Lakshmi Vilas Bank Ltd. put a dent in hopes that shadow lenders could use such combinations to get better access to liquidity. The Reserve Bank of India rejected the merger plan, Chennai-based Lakshmi Vilas said in an exchange filing late Wednesday, without disclosing the reason for the central bank’s decision. Indiabulls was looking to diversify its asset base and get access to low-cost funds, while Lakshmi Vilas Bank needed to raise capital and exit from the curbs placed on its lending. For Lakshmi Vilas, the RBI’s rejection may push it into the arms of another bank or force it to find private equity investors to raise capital quickly.

Bank Plan Rbi Lakshmi Vilas Indiabulls Indiabulls Housing Lakshmi Vilas Merger Setback  shares  banks  plunge  capital  shadow  housing  lenders  bank  indiabulls  plan  lakshmi  finance  vilas  merger  setback

History of this topic

Shriram Transport to raise ₹5,000 crore in second half of FY23
2 years, 4 months ago

Shriram Transport to raise ₹5,000 crore in second half of FY23

Live Mint  

India's Shriram Transport Finance Company Ltd plans to raise an additional 5,000 crore rupees in the second half of the financial year to fund growth opportunities. The non-banking finance company has already raised 5,000 crore rupees in the first half of this year and the additional funds raised would be separate from its existing refinancing plans amounting to 50,000 crore …

Amid churn, non-banks explore consolidation option
4 years, 5 months ago

Amid churn, non-banks explore consolidation option

Live Mint  

India’s non-bank lenders, staring at ₹1.51 trillion debt repayments due in the next six months, are rushing to raise fresh equity and pursuing mergers with bigger peers to avert defaults, as the coronavirus pandemic darkens the outlook for the sector that has struggled since the collapse of Infrastructure Leasing and Financial Services Ltd nearly two years ago. “In many instances, …

Yes Bank, Indiabulls Housing are different peas stuck in same pod
5 years, 2 months ago

Yes Bank, Indiabulls Housing are different peas stuck in same pod

Live Mint  

A year ago, before the liquidity crunch manifested for non-banking financial companies, Yes Bank Ltd’s market capitalization was 1.5 times that of Indiabulls Housing Finance Ltd. Today, that difference has narrowed quite a bit as the adjoining chart shows. Both the lenders have seen a massive erosion in their market value, but Yes Bank’s pain has been deeper. The bank’s …

RBI rejects Indiabulls Housing-Lakshmi Vilas Bank merger, credit growth at a 22-month low; all this and more in MoneyControl Pro
5 years, 2 months ago

RBI rejects Indiabulls Housing-Lakshmi Vilas Bank merger, credit growth at a 22-month low; all this and more in MoneyControl Pro

Firstpost  

When it came to a decision on the Lakshmi Vilas Bank-Indiabulls Housing Finance merger, it was always a lose-lose situation for the Reserve Bank of India. Credit growth at a 22-month low Bank credit growth as of 27 September 2019, fell to 8.8 percent compared to a year ago, the lowest rate of growth since November 2017. The continuing fall …

Shares of Indiabulls Housing Finance, Lakshmi Vilas Bank hit 52-week lows after RBI rejected their merger proposal
5 years, 2 months ago

Shares of Indiabulls Housing Finance, Lakshmi Vilas Bank hit 52-week lows after RBI rejected their merger proposal

Firstpost  

New Delhi: Shares of Indiabulls Housing Finance and Lakshmi Vilas Bank plummeted up to 20 percent on Thursday after the Reserve Bank of India rejected their merger proposal. Indiabulls Housing Finance stock tumbled 18.02 percent to trade at Rs 197 on the BSE. Shares of Lakshmi Vilas Bank sank 5 percent to hit lower price band as well as one-year …

Lakshmi Vilas Bank-Indiabulls Housing Finance merger plan shot down by RBI
5 years, 2 months ago

Lakshmi Vilas Bank-Indiabulls Housing Finance merger plan shot down by RBI

Live Mint  

Mumbai: Mint brings you your dose of the top deals news, reported from newsrooms across the country Lakshmi Vilas Bank-Indiabulls Housing Finance merger plan shot down by RBI The Reserve Bank of India on Wednesday rejected the proposed merger between Lakshmi Vilas Bank and Indiabulls Housing Finance Ltd, scuppering the first ever attempt by a non-bank lender to merge with …

NBFC stocks tumble, DHFL drops nearly 8%
5 years, 3 months ago

NBFC stocks tumble, DHFL drops nearly 8%

Live Mint  

Shares of non-banking financial companies, including DHFL, took a beating on Monday as investors continued to remain concerned about the liquidity crunch in the sector. Among others, stocks of Indiabulls Housing Finance, Indiabulls Ventures, Piramal Enterprises and Edelweiss Financial Services also closed in the red. Indiabulls Housing Finance stock too took a beating, shedding as much as 13.22% to touch …

Indiabulls Housing Finance seeks earlier hearing after record slide in shares
5 years, 3 months ago

Indiabulls Housing Finance seeks earlier hearing after record slide in shares

Live Mint  

Indiabulls Housing Finance Ltd., a major Indian shadow lender that’s caught in the crosshairs of the troubles plaguing the industry, is seeking to bring forward a court hearing on fraud allegations after a record share slide. An Indian court and the police moved last week to begin separate investigations to examine allegations of fraud and misappropriation against Indiabulls and Lakshmi …

Indiabulls hits over five-year low, rattled by merger concerns and probe
5 years, 3 months ago

Indiabulls hits over five-year low, rattled by merger concerns and probe

India Today  

Indiabulls Housing Finance Ltd's shares extended their slide on Tuesday and hit a more than five-year low, as remarks from the mortgage lender following a tide of negative news failed to assuage investors. Private-sector lender Lakshmi Vilas Bank is the latest to face struggles in an already troubled banking sector, with the central bank taking regulatory action last week for …

RBI places Lakshmi Vilas Bank under prompt corrective action; directors probed for alleged fraud
5 years, 3 months ago

RBI places Lakshmi Vilas Bank under prompt corrective action; directors probed for alleged fraud

Firstpost  

The Lakshmi Vilas Bank on Saturday received shareholders’ approval to raise up to Rs 1,000 crore by issuance of securities The Reserve Bank of India has initiated Prompt Corrective Action against Lakshmi Vilas Bank due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years, the private sector …

Lakshmi Vilas Bank directors under probe for alleged Rs 790-cr fraud; Religare Finvest accuses them of misappropriating funds
5 years, 3 months ago

Lakshmi Vilas Bank directors under probe for alleged Rs 790-cr fraud; Religare Finvest accuses them of misappropriating funds

Firstpost  

Indian police have opened a probe into the directors of Lakshmi Vilas Bank after a customer accused them of misappropriating funds, the bank said late on Thursday Mumbai/Bengaluru: Indian police have opened a probe into the directors of Lakshmi Vilas Bank after a customer accused them of misappropriating funds, the bank said late on Thursday. Indian financial services company Religare …

Lakshmi Vilas Bank directors probed for alleged fraud to the tune of ₹790 cr
5 years, 3 months ago

Lakshmi Vilas Bank directors probed for alleged fraud to the tune of ₹790 cr

Live Mint  

Mumbai/Bengaluru: Indian police have opened a probe into the directors of Lakshmi Vilas Bank after a customer accused them of misappropriating funds, the bank said late on Thursday. Indian financial services company Religare Finvest has accused Lakshmi Vilas of misappropriating ₹790 crore it kept with the bank as a fixed deposit, according to a copy of a complaint filed with …

Lakshmi Vilas Bank shares slip 5%, lender says FIR ’desperate’
5 years, 3 months ago

Lakshmi Vilas Bank shares slip 5%, lender says FIR ’desperate’

Live Mint  

Shares of Lakshmi Vilas Bank Ltd slipped 5%, hitting lower circuit at ₹36.55 on Friday. “The bank is committed to cooperate with the investigating agencies and regulatory authorities apparently in order to bring out the malicious attempts of RFL to mislead the public to cover up massive fraud indulged by their own promoters, employees, group companies.” Lakshmi Vilas Bank also …

No concern to asset quality post UBI, OBC merger: PNB CEO
5 years, 3 months ago

No concern to asset quality post UBI, OBC merger: PNB CEO

India TV News  

The Punjab National Bank, which is the anchor bank for a scheduled merger with the United Bank of India and the Oriental Bank of Commerce, has said that it does not see any erosion in asset quality after the merger and the best HR, process and products will be chosen for the consolidated entity to offer a win-win situation for …

Indiabulls Housing Finance shares tank 10% amid reports of public interest litigation against company, promoters
5 years, 4 months ago

Indiabulls Housing Finance shares tank 10% amid reports of public interest litigation against company, promoters

Firstpost  

New Delhi: Shares of Indiabulls Housing Finance on Friday dropped nearly 10 percent amid reports that a public interest litigation has been filed against the company and its promoters. In a BSE filing, Indiabulls said it has come to its notice through media reports that a public interest litigation has been filed against Indiabulls Housing Finance and its promoters in …

In a surprise move, Lakshmi Vilas CEO Parthasarathi Mukherjee quits
5 years, 4 months ago

In a surprise move, Lakshmi Vilas CEO Parthasarathi Mukherjee quits

Live Mint  

Even as the Reserve Bank is yet to take a call on Indiabulls Housing Finance's plans to merge with Lakshmi Vilas Bank, the mid-sized private sector lender on Wednesday announced the resignation of its chief executive Parthasarathi Mukherjee. Mukherjee, who had served the larger rival Axis Bank before joining the Tamil Nadu based bank in 2015, was given a two-year …

Indiabulls Housing stock stumbles over 10% on alleged embezzlement of funds
5 years, 5 months ago

Indiabulls Housing stock stumbles over 10% on alleged embezzlement of funds

Live Mint  

New Delhi: Shares of Indiabulls Housing Finance plunged over 10 per cent on Monday amid allegations of embezzlement of more than ₹1 lakh crore from National Housing Bank. The scrip tanked 10.44 per cent to close at ₹559 on the BSE. Selling was In a filing to the BSE on Sunday, Indiabulls Housing Finance Limited with reference to Subramanian Swamy's …

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