Shares of Lakshmi Vilas Bank were locked in the upper circuit of 10 percent at Rs 63.50, in the morning deals on Friday after Competition Commission of India (CCI) approved the proposed merger with Indiabulls Housing Finance Ltd (IBHFL). The Competition Commission of India (“CCI”) has by way of its letter dated June 20, 2019, intimated that CCI, at its meeting held on June 20, 2019, considered the proposed combination and approved the same, the housing finance company said in a regulatory filing. The scheme of amalgamation remains subject to receipt of applicable regulatory and other approvals.
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