Lakshmi Vilas Bank in top gainer

Lakshmi Vilas Bank is currently the top gainer on the BSE, going up over 3% to Rs.95 and continues to remain firmly in the green.

The stock is up on unconfirmed news that it has finally zeroed in on five investors to buy a controlling stake in the bank.

The five names shortlisted are - Blackstone Group, Bain Capital, Baring Private Equity Asia, Gajja Capital  and TPG Capital Management. The successful investor will have to make an open offer to the public shareholders of the bank. Promoter holding in the bank is just 9.03%.

The Bank has issued a clarification on the same today, saying, “The Bank has received a number of expressions of interest, to participate in the programme, from high quality investors. The Bank's investment advisor, M/s JP Morgan, is sifting through these and has a preliminary short-list. The process continues. The choice of investor(s), quantum of investment and the timing of the closure of the transaction is not known as yet. The Bank notes to advise of further progress from time to time.”

Economic Times, the one to break this news has said that the non-binding offers are in the range of Rs 140 to Rs 160 per share, valuing the private sector lending between Rs 3,592 crore and Rs 4106 crore.