Dhanlaxmi Bank zooms on heavy volumes

The stock zoomed 20% to Rs 29.55 on the NSE in intra-day trade on the back of over five-fold jump in trading volumes.

Dhanlaxmi Bank has zoomed 20% to Rs 29.55 on the National Stock Exchange (NSE) in intra-day trade on the back of over five-fold jump in trading volumes.

Dhanlaxmi Bank on Tuesday said it will raise Rs 200 crore through issuance of equity shares on preferential basis.

“The board of directors of the bank at its meeting held on July 04, 2016, approved the proposal for further issue of equity shares upto a maximum of Rs 200 crore on preferential allotment basis,” Dhanlaxmi Bank said in a regulatory filing.

At 10:00 AM, the stock was up 18% at Rs 29.05 on the NSE. A combined 5.93 million equity shares representing 3.3% of total equity of Dhanlaxmi Bank changed hands on the BSE and NSE, as compared to an average sub one million shares were traded daily in past two weeks.