As Clix restarts merger talks with the new representative of LVB, it is said that the two may make a joint presentation to the RBI this week. Clix will put forth details on the merger and state some of its key conditions critical for the deal to come through.
These conditions include the firm taking 51 per cent or more stake in LVB, and the leeway to gradually reduce stake to 15 per cent over 8-10 years without any mandatory long-term lock-in conditions on the shares and indemnity to its directors from future claims made against the bank, pertaining to its business before the merger.
A few large investors of LVB are said to have reached out to some PSBs for a bailout.
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