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).