RBI postpones plan for final merger of Lakshmi Vilas Bank with DBS India for next week

RBI postpones plan for final merger of Lakshmi Vilas Bank with DBS India for next week

Mumbai. The Reserve Bank has postponed the announcement of a definitive plan for the final merger of Laxmi Vilas Bank (LVB) with DBS India , possibly next week. The first central bank was scheduled to release the scheme on Friday. According to a central bank official, the Reserve Bank is likely to do so next week. Along with imposing sanctions on Lakshmi Vilas Bank, the Reserve Bank had issued a draft merger on 17 November. The Reserve Bank had said that it would release the final merger plan on 20 November. However, the Reserve Bank did not release the final plan until 10 pm on 20 November. When contacted, a senior RBI official told PTI that now the scheme will be released early next week.

The promoters hold a mere 6.8 percent stake in Lakshmi Vilas Bank . KR Pradeep holds 4.8 per cent stake in it and the remaining two per cent is with the other three promoter families N Ramamitram, NT Shah and SB Prabhakaran. The bank holds a little over 20 per cent of Indiabulls Housing-led institutional investors and more than 45 per cent of retail shareholders. Other institutional investors include Prolific Finvest (3.36 percent), Srei Infra Finance (3.34 percent), Capri Global Advisory Services (2 percent), MN Dastur & Co (1.89 percent), Capital Global Holdings (1.82 percent), Trinity Alternative Investment Managers ( 1.61 per cent), balance infrastructure

(1.36 per cent) and LIC (1.32 per cent).


Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Mumbai. The IPO of the restaurant chain Burger King will hit the capital market on December 2 and the price range for bidding shares under the company's initial public offering (IPO) is Rs 59-60 per share. The company said in a virtual conference to raise investment that the US subsidiary of US-based Burger King will raise Rs 810 crore under the proposed IPO. It will issue new shares worth Rs 450 crore.

The company said that its promoter unit QSR Asia will sell up to 60 million shares, valued at around Rs 360 crore. The company raised Rs 58.08 crore through rights issue and Rs 91.92 crore through preferential allocation as part of pre-IPO planning.

Burger King India CEO and board member Rajeev Verma told PTI that the issue of new shares had come down from Rs 600 crore to Rs 450 crore. The company said that the funds raised through the IPO would be used primarily to expand company-owned stores across the country and to repay debt.