Dhanalaxmi Bank to mobilise Rs 37.75 crore by issue of shares

Bank could perform excellently for the fiscal fetching an operating profit of Rs 51.40 cr for the fiscal 20l2-13, says MD & CEO of the bank, P G Jayakumar

Private sector Dhanalaxmi Bank would mobilise Rs 37.75 crore by issue of 75.5 lakh equity shares of Rs 10 each with a premium of Rs 40 per share.

A special resolution in this regard was passed at the 86th Annual General Meeting of the bank held here today, bank sources said.

Equity shares of 10.5 lakh, 12.5 lakh and 52.5 lakh would be allotted to investors B K Raveendran Pillai, Mohanachandran Nair B and and N V George respectively as per rules of the Securities and Exchange Board of India, Capital and Disclosures Requirement, Reserve Bank of India, Union Finance Ministry and other relevant statutory authorities.

Meanwhile addressing shareholders here, the Managing Director and Chief Executive Officer of the Bank, P G Jayakumar said the bank could perform excellently for the fiscal fetching an operating profit of Rs 51.40 crore for the fiscal 20l2-13,as against an operating loss of 97.90 crore for the previous year.

Jayakumar said the bank could earn a modest net profit of Rs 2.62 crore for the year under review as against a loss of Rs 115.63 crore in the year ago period.

Srikanth Reddy, M K Vijayaraghavan, P Mohanan, Chella K Srinivasan and K Jayakumar were re-elected directors of the Dhanlaxmi Bank Limited here today.