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Dhanlaxmi Bank plans to raise Rs 300 crore via Non-Convertible Debentures
Last Updated: 13th December 2022 - 09:06 pm
Shares of Dhanlaxmi Bank Ltd rallied 8.56% to Rs 16.23 from its previous close of Rs 14.95. The stock hits a fresh 52-week high after the company announced the fund-raising plan.
Dhanlaxmi Bank is a publicly held banking company, which provides banking and financial services like retail banking, corporate banking and treasury operations majorly in southern states. The bank said in the Exchange filing that it plans to raise funds from Non-Convertible Debentures in the form of Basel III compliant Tier 2 Bonds which is Rs 300 crore. On Monday, 5 December 2022, there will be a board meeting wherein the fundraising plan will be approved by the board, subject to regulatory approval.
The company said in the Exchange Filling that “We hereby inform that a meeting of the Board of Directors of the Bank scheduled on Monday, December 05, 2022, would inter-alia consider/approve raising of funds by the Bank by way of issuance of Non-Convertible Debentures (NCD5) in the form of Basel III compliant Tier 2 Bonds aggregating to Rs 300 crore in one or more tranches over a period of time, subject to the approval of Regulators! Shareholders, as may be required.”
In the last quarter, Q2FY23 the company saw a 14% increase in revenues of the company from Rs 229 crore to Rs 262 crore on the September 2022 quarter ending. The company also saw a 334% jump in the PAT from Rs 3.66 crore to Rs 15.89 crore. The bank delivered an ROE and ROCE of 4.15% and 4.65%.
Today, the stock opened at Rs 15.00 with highs and lows of Rs 16.75 and 14.70 and closed at Rs 16.28. The stock has a 52-week high of Rs 16.75 and a 52-week low of Rs 10.50.
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