Clermont Group may join Clix Capital in Lakshmi Vilas Bank deal

Clermont is reportedly in talks to invest up to $200 million for up to 20 per cent stake in the bank.

Singapore based private equity player Clermont Group likely to join Clix Capital to acquire Lakshmi Vilas Bank, said a Business Standard report. According to the report, Clermont is in talks to invest up to $200 million for up to 20 per cent stake in the bank.

“The capital infusion, which is expected to close ahead of the merger, may help the bank to stay afloat till the merger is approved by the Reserve Bank of India (RBI),” the report said.

The capital-starved Lakshmi Vilas Bank has been on the lookout for a buyer for over two years due to lack of capital and weak financials.

In mid-June AION Capital backed Clix Capital reportedly had shown preliminary interest to acquire the Chennai based bank.