Lakshmi Vilas Bank CEO quits ahead of merger with Indiabulls Housing

By Beena Parmar

  • 29 Aug 2019
Credit: VCCircle

Lakshmi Vilas Bank’s chief executive officer and managing director Parthasarathi Mukherjee has resigned citing personal reasons.

Parthasarathi Mukherjee has submitted his resignation letter dated 28 August 2019, owing to personal reasons. The letter was placed before the board meeting which was held today. The board has accepted Mukherjee’s resignation,” the bank informed the stock exchanges on Wednesday.

“Shri Parthasarathi Mukherjee will be relieved from his services at the closing hours on Saturday, 31 August 2019 as per his request,” it added.

Mukherjee's resignation comes ahead of the Reserve Bank of India’s approval for the bank's merger with Indiabulls Housing Finance Ltd.

The shares of the mid-sized private lender fell almost 5% on Thursday.

In the board meeting held on Wednesday, the bank got approval to increase its authorized share capital from Rs 500 crore to Rs 650 crore.

The board also approved raising of funds up to Rs 1,000 crore through equity shares issuance and securities apart from fund raising up to Rs 500 crore through issuance of bonds, NCDs or any such debt securities, in one or more tranches.

A BSc graduate in Chemistry from Presidency College in Kolkata, Mukherjee worked with the larger private sector peer Axis Bank for over 21 years heading treasury and corporate roles before joining the Tamil Nadu-based bank in 2015.

He started his banking career in December 1982 as a probationary officer with State Bank of India where he worked for 12 years after which he moved into the private sector.