Dhanlaxmi to buy 15% in Destimoney Securities

Dhanlaxmi Bank on Thursday said it would acquire a 15 per cent stake in Destimoney Securities Pvt Ltd (DSPL).

The investment will reinforce the bank’s aim to be an integrated financial solutions company. DSPL is a 100 per cent subsidiary of Destimoney Enterprises Pvt Ltd, a full-service financial services provider and an advisory firm owned and controlled by New Silk Route (NSR), a private equity firm.

Bipin Kabra, chief financial officer of Dhanlaxmi, said the investment was of “strategic importance and a part of the bank’s plans to augment growth, broaden its product portfolio and provide investment-savvy customers cost-effective financial solutions”.

DSPL, a member of both the National Stock Exchange and the Bombay Stock Exchange, has a network of 14 branches and more than 100 franchisees, covering 50 cities. It has a client base of around 27,000.

The bank’s Board on Thursday approved its unaudited financial results for the quarter ended September. Total business grew 71.9 per cent to Rs 16,554 crore, as against Rs 9,631 crore in the year-ago period.

Total income increased from Rs 151.1 crore to Rs 229.2 crore, growth of 51.7 per cent. Net profit amounted to Rs 1.6 crore, compared to Rs 6.3 crore last year.