Big shock to Laxmi Vilas Bank (LVB )shareholders

*Big shock to LVB shareholders..*
 merger is bad news for LVB’s shareholders, who were betting on a revival of the bank. The entire capital of the bank will be written off post the merger with DBS Bank India Ltd (DBIL).

“According to the draft scheme of amalgamation, on and from the appointed date, the entire amount of the paid-up share capital and reserves and surplus, including the balances in the share/securities premium account of the LVB, shall stand written off," the RBI notification said.

 “The transferor bank (LVB) shall cease to exist by operation of the scheme, and its shares or debentures listed on any stock exchange shall stand delisted."