Indiabulls Housing Finance Ltd - 535789 - Announcement under Regulation 30 (LODR)-Scheme of Arrangement
The Board at its meeting held today (i.e. 03.05.19), have considered and approved amendments to scheme of amalgamation to effect the merger of Indiabulls Housing Finance Ltd (IBH or Transferor Company 1) alongwith its wholly owned subsidiary, Indiabulls Commercial Credit Ltd (ICCL or Transferor Company 2) into and with The Lakshmi Vilas Bank Ltd (LVB or Transferee Company) (Scheme) under Sections 230 to 232 of the Companies Act, 2013. The Scheme, amongst others, envisages amalgamation of the IBH and ICCL into and with the LVB, on ongoing basis and dissolution of IBH and ICCL without being wound up. Basis the existing issued capital of both IBH and LBV and the share exchange ratio, the shareholders of the IBH will hold approximately 90.5% of the post-merger enhanced equity capital of the merged entity and the shareholders of LVB will hold approximately 9.5% of the post-merger enhanced equity capital of the merged entity. For complete details, please refer attachment.03-05-2019