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The stressed lender said, \u201cWe wish to inform that the mutual due diligence is substantially complete, and the parties are in discussions on the next steps. The Bank will continue to share any further information as and when they materialize.\u201d <\/p>\n
Previously the bank had informed the exchange about the proposed amalgamation where it had said it has signed a non-binding letter of intent (LOI) with Clix Capital Services Private Ltd.<\/p>\n
The bank said, \u201cUnder the non-binding LOI, the proposed amalgamation is subject to completion of mutual due-diligence, regulatory and other customary approvals. We also refer to our further communication dated 30.07.2020 wherein it was informed that, as per the mutual understanding between parties, the exclusivity period was extended till 15.09.2020 due to prevailing pandemic situation.\u201d<\/p><\/div>\n<\/div>\n
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