Lakshmi Vilas Bank

Moody's Investors Service said that this event marks the first time that an Indian bank has written down Basel III tier 2 securitiesThe write-down of Basel III compliant securities is consistent with the approach regulators use globally to minimize the cost of a bank bailout to taxpayers, it added

The troubled private bank on Thursday said it has written down all of its Basel III compliant Tier-2 bonds as advised by the RBI

The Reserve Bank of India had announced November 27 as the effective date of merger for LVB with DBS Bank India LtdMany stakeholders including bank unions have raised questions on the manner in which the LVB was merged with subsidiary of a foreign bank

Smaller lenders will have to rely more on equity raise as investors shall be a bit more skeptical to take risk now

Net interest income declined 28% to ₹79.5 crore

The LVB board gave its nod for raising the funds via a rights issue

Last week, the lender said it has received a non-binding offer from non-banking finance company Clix group for a merger

At 11.50 am, Lakshmi Vilas Bank shares were trading at Rs20.30 apiece, up 14.04% from its previous close

The struggling private bank is desperately looking for capital and is in talks with the Clix Group for a merger

Reliance Retail Ventures Limited, the retail business of Mukesh Ambani's Reliance Industries Ltd, has received ₹7,500 crore from tech investor Silver Lake