India's Lakshmi Vilas Bank (LVB) has received a non-binding offer from Clix Group, the private sector lender said on Thursday, weeks after the bank's shareholders voted out seven directors from its board.
The Chennai-based lender, which has been struggling with bad loans and governance issues, has been looking for a buyer since last year. The central bank had in last October rejected a proposal for it to merge with shadow lender Indiabulls Housing Finance Ltd.
The Reserve Bank of India approved a three-member committee of directors to manage the bank's operations last month after the shareholders ousted directors, including the chief executive officer.
The bank did not give further details on the offer from Clix Group on Thursday.