Dhanalakshmi plans to raise Rs400-500 cr

Dhanalakshmi plans to raise Rs400-500 cr
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First Published: Mon, Nov 30 2009. 11 18 PM IST
Updated: Mon, Nov 30 2009. 11 18 PM IST
Mumbai: Thrissur-based Dhanalakshmi Bank Ltd is planning to raise Rs400 crore to Rs500 crore through sale of shares in the first quarter of the financial year beginning April 2010. Chief financial officer Bipin Kabra told Mint that the bank will raise Rs400 to 500 crore to support its growth plans and boost its capital adequacy.
The bank will also raise Rs150 crore through the issue bonds in February. “To support the bank’s growth plan we would need to raise Rs3000 crore in the next five years,” Kabra said.
The bank on Monday received Reserve Bank of India (RBI) approval to raise the holding of foreign institutional investors and non residents Indians in the bank to 49% and 24% respectively, which had already been approved by shareholders. “This will enable a new class of investors to invest in the banks shares,” Kabra said.
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First Published: Mon, Nov 30 2009. 11 18 PM IST
More Topics: Money Matters | Equities |