Dhanlaxmi Bank To Raise Rs 150 Crore Via NCDs, Equity Sale

Dhanlaxmi Bank To Raise Rs 150 Crore Via NCDs, Equity Sale
New Delhi: Private lender Dhanlaxmi Bank will raise Rs 150 crore by issuing non-convertible debentures as well as through equity sale.

The bank is slated to pass a resolution to this effect at its annual general meeting due on September 29.

The bank said it will “issue redeemable secured/unsecured non-convertible debentures (NCDs) including but not limited to subordinated debentures, bonds, tier-II bonds and or other debt securities, in one or more tranches, subject to an aggregate limit of Rs 100 crore,” it said in a regulatory filing on Tuesday.

It said the amount will be raised within one year from the date of passing the special resolution by the (board) members.

Besides, the bank said it will raise an additional Rs 50 crore by issuing shares.

The capital will be utilised for growing business as well as other regulatory requirements.

“The bank has been continuing to grow organically and has shown steady growth during the last few years. The bank foresees a rise in demand for credit in various sectors and retail banking market,” it added.

The stock closed 0.22 per cent lower at Rs 22.50 on BSE.