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Reliance LI buys stake in Dhanlaxmi Bank

Reliance Life Insurance Co, an Anil Dhirubhai Ambani Group company, is acquiring 3.21% shares in Dhanlaxmi Bank via preferential route. The bank is raising Rs 200 crore through the preferential route and the bank’s board has approved the preferential issue of 4,39,07,000 equity shares of Rs 10 each at a premium of Rs 35.55 per share to 25 individuals and companies. The company is acquiring 57 lakh shares for nearly Rs 26 crore. Premier Capital and Securities and Viral Amal Parikh are also acquiring 3.21% shares each. In addition, Dhanlaxmi Bank’s existing investors like Ravi Pillai, the Bahrain-based NRI billionaire, B Mohananchandran Nair, the owner of Kollam-based Prasanthi Cashews, and Shital Raghu Kataria of Dubai-based Kataria Holdings are raising their stake in the bank. While Pillai is acquiring another 22 lakh shares to increase his holding to 4.99% post-issue, Nair is raising his stake by 10.95 lakh shares and Kataria is buying additional 35 lakh shares. Further, owners of Palakkad-based CKG Supermarket are acquiring 3.91% of shares of the bank.

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