Dhanlaxmi Bank gains after raising funds from QIP

Dhanlaxmi Bank rose 2.25% to Rs 40.90 at 12:00 IST on BSE after the bank said it has allotted 1.75 crore equity shares at Rs 38.25 per share aggregating to Rs 67.22 crore to qualified institutional buyers through qualified institutional placement.

The announcement was made during trading hours today, 26 December 2013.

Meanwhile, the S&P BSE Sensex was up 37.51 points or 0.18% at 21,070.22.

On BSE, so far 26,000 shares were traded in the counter as against average daily volume of 87,883 shares in the past one quarter.

The stock hit a high of Rs 41.15 and a low of Rs 40.20 so far during the day. The stock had hit a 52-week high of Rs 72.30 on 7 January 2013. The stock had hit a 52-week low of Rs 24.20 on 6 August 2013.

The stock had underperformed the market over the past one month till 24 December 2013, advancing 3.09% compared with the Sensex's 4.03% rise. The scrip had also underperformed the market in past one quarter, declining 3.38% as against Sensex's 5.58% rise.

The small-cap private sector bank has equity capital of Rs 108.36 crore. Face value per share is Rs 10.

Dhanlaxmi Bank reported a net loss of Rs 1.85 crore in Q2 September 2013, lower than net loss of Rs 18.62 crore in Q2 September 2012. Total income rose 4.7% to Rs 351.52 crore in Q2 September 2013 over Q2 September 2012.

Kerala-based Dhanlaxmi Bank provides a suite of banking products and services to its customers across retail banking, microfinance and agricultural lending and small and medium enterprises group.

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