Daily Stock Market Reports

Dhanlaxmi Bank board okays fundraising of ₹300 cr via NCDs; stock rises 9%


Kerala-based Dhanlaxmi Bank on Monday received the board of directors’ approval for fundraising to the tune of 300 crore through non-convertible debentures (NCDs) issuance in one or more tranches. On exchanges, there has been a strong buying in Dhanlaxmi Bank shares as they touched a new 52-week high. Overall, the stock has climbed by nearly 9% so far in the day.

As per the regulatory filing, the board of directors in a meeting held on December 5 has inter alia considered and approved the raising of funds by the bank by way of issuance of non-convertible debentures (NCDs) in the form of Basel III Tier 2 bonds.

The fundraising aggregates to around 300 crore. The NCDs will be issued in one or more tranches over a period of time, subject to the approval of regulators/shareholders, as may be required.

Dhanlaxmi’s board has further recommended the same for the approval of shareholders by way of a special resolution at the forthcoming annual general meeting.

At around 2.58 pm, the bank’s stock is trading at 19.55 apiece up by 5.96% on BSE. The stock touched a new 52-week high of 20.05 apiece earlier in the day. Its market cap is nearly 496 crore.

Last week, on Friday, the shares had closed at 18.45 apiece on BSE.

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