M&A Magazine

After a lot of scrutiny, Reserve Bank of India (RBI) finally rejected the proposed merger between Chennai-based Lakshmi Vilas Bank ( LVB ) and Gurugram-based Indiabulls Housing Finance Limited ( IBHFL ). The proposed merger plan was crucial for Lakshmi Vilas Bank as it would have helped it raise capital, which is required to lift the PCA restrictions currently imposed on it by the central bank. Indiabulls Housing Finance Ltd said in a statement that it will do a buyback of equity shares of the company, for which it has called a board meeting on October 14. In June this year, the Competition Commission of India (CCI) had given its nod to the proposed amalgamation. In fact, RBI had placed Lakshmi Vilas Bank under prompt corrective action (PCA) due to a high level of non-performing assets of the bank. IBHFL and LVB had proposed a merger between the two in April in a share-swap deal under which LVB shareholders would get 14 shares of IBHFL for every 100 equity shares held in the ban...

In a move to create a monopoly in digital cinema distribution network and in-cinema advertising platform,  In November 2017 Chennai-based  Qube Cinema Technologies  and Mumbai-headquartered  UFO Moviez  announced the  merger  of their businesses.  Even after part of the scheme was approved by the Chennai NCLT bench, the scheme was rejected by the Mumbai NCLT in the last week of January 2019. We had covered this article in our January 2018 issue and details of the proposed merger are as below. UFO Moviez India Limited (UFO)  is India’s largest digital cinema distribution network and in-cinema advertising platform in terms of number of screens. UFO operates India’s largest satellite-based, digital cinema distribution network using its UFO-M4 platform, as well as India’s largest D-Cinema network. Their offerings include Digital Cinema System, UFO Framez, Club Cinema and IMPACT Ticketing Platform. UFO Moviez is listed on BSE. Qube C...