Lakshmi Vilas Bank offered to merge with Indiabulls Housing Finance.

Private sector lender Lakshmi Vilas Bank offered to merge with mortgage financier Indiabulls Housing Finance in an all-stock deal. The merged entity, to be called Indiabulls Lakshmi Vilas Bank, would be among the top eight private banks in India by size and profitability. Amalgamated entity will have a net worth of INR194.7bn ($2.5bn). The deal was blocked by Indian regulators in October 2019. "The bank believes that the merger of such two organizations will unlock value through its various synergies that exist exclusively but in unison, will create a large and healthy diverse retail asset book, high capital base for strong growth, huge opportunity to foray into newer businesses that may increase the risk fee income base of amalgamated entity such as wealth management, asset management and securities," Lakshmi Vilas Bank said.