Troubled private sector lender Lakshmi Vilas Bank, which has been looking for an investor, on Monday said it has received a letter of intent from Clix Capital Services.

“Under the non-binding LOI, the proposed transaction is subject to completion of due diligence, and will be subject to regulatory and other customary approvals. In the event the discussions between the contracting parties in relation to the proposed transactions are successful and definitive agreements are executed, we will make appropriate disclosures as required under the provisions of applicable law,” it said in a regulatory filing.

The bank’s Board of Directors considered the letter in its meeting on Monday.

AION Capital backed Clix Capital is a digital lending NBFC.

Following the announcement, LVB scrip gained nearly 5 per cent in intra day trading on BSE.

Published on June 15, 2020

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