Lakshmi Vilas Bank is reportedly in talks with four private equity (PE) investors including TPG Capital Management, General Atlantic, Capital International and India focused fund Chrys Capital for selling 20% stake for $150 million.
The stake sale is to bankroll the bank's aggressive expansion and quest to increase its reach and it has recently hired a bunch of senior executives from larger rivals such as HDFC, Axis and RBS. The funds have started due diligence on the bank's books and is expected to conclude the transaction 'very soon. Further, domestic investment banking firm Avendus is helping the bank to find a private equity partner.
