Dhanlaxmi appoints 3 new directors in board, paves the way for rights issue

The bank management and shareholders have reached compromise formulae on the issue of appointing the latter's representatives as directors on the bank's board

The board of Dhanlaxmi Bank on Wednesday decided to induct three independent directors and this opened the gates for its proposed rights issue. The issue was stuck since the bank did not have the requisite number of board members and also a women director.

The bank plans to raise Rs 128 crore through the rights issue to boost its capital adequacy ratio, which was 12.32 per cent as on end-September.

The shareholders and the management came to an agreement, which resulted in calling off the extraordinary general meeting (EGM) scheduled for Saturday. 

Shareholders having more than 10 per cent stake