Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Money & Banking
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Private Banks Markets - Rights Issues Dhanalakshmi Bank plans rights Our Bureau
MUMBAI, Jan. 24 THE Kerala-based Dhanalakshmi Bank Ltd proposes to raise Rs 27.47 crore through a rights issue in March. The bank has received approval from the Securities and Exchange Board of India and the record date for the issue has been set for February 16, Mr T.M. Venkataraman, Chairman of the bank, said. The rights issue will be in the ratio of four equity shares for every three shares held at a premium of Rs 5 per share of Rs 10. The issue is aimed at increasing the net worth of the bank as advised by the RBI, he said. "With this rights issue, the net worth of the bank would increase to around Rs 100 crore from current levels of Rs 74 crore," he said. Meanwhile, the bank has registered a marginal increase in net profit at Rs 3.27 crore for the third quarter ended December 31, 2001 as against Rs 1.54 crore in the same period the previous year. Total income of the bank was at Rs 58.06 crore (Rs 49.20 crore), while total expenditure was at Rs 45.50 crore (Rs 44.37 crore). Operating profit was at Rs 12.56 crore (Rs 4.83 crore). Mr Venkataraman said the bank planned to increase its non-interest income through the cash management services it recently introduced. The bank will also tie up with a private insurance company for distributing insurance products. He dispelled rumours of a possible acquisition of the bank.
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