Kerala’s Dhanlaxmi Bank is raising around Rs 233 crore through a preferential allotment of shares to a group of investors, including Kapil Wadhawan, chairman and managing director of Dewan Housing Finance Corp, according to a disclosure on BSE. The bank is planning to issue 59.6 million equity shares in total to a group of 10 individual investors. Other investors who will subscribe to the shares include B.K. Raveendran Pillai, Bimal N Mehta, Ashok J Jain, Pinki K Thakural, Parmindar Singh, Kalpesh M Mehta, Sumit Bakshi, Suraj A Muchhalla and Mahesh Dalal. Except Pillai all others are new investors and will pick 3.34% stake each. NRI businessman Pillai is already one of the single-largest shareholders of the bank holding 4.17% stake which would go up to 4.9% post issue. The bank is expected to use the money to augment the long-term tier 1 capital base of the bank to meet growing business needs and to facilitate the additional capital requirements under the Basel II norms.
