Dhanlaxmi Bank Ltd allots 1,75,75,000 shares at Rs. 38.25

Dhanlaxmi Bank Ltd has announced with respect to issue of Equity Shares of up to Rs. 1,000 million to QIBs through a qualified institutions placement in terms of Chapter VIII of SEBI ICDR Regulations ("Issue"). The Equity Issuance Committee of the bank on December 24, 2013 decided to close the bid period, and the issue of 1,75,75,000 Equity Shares at a price of Rs. 38.25 per Equity Share (including a premium of Rs. 28.25 per Equity Share), aggregating to Rs. 67,22,43,750 (Rupees Sixty Seven Crore Twenty Two Lakh Forty Three Thousand Seven Hundred and Fifty only) is approved.

The floor price in respect of the Issue, based on the pricing formula under Regulation 85(1) of the ICDR Regulations with a discount of 4.58% in terms of the proviso to Regulation 85(1) of the ICDR Regulation, was Rs. 40.09 per Equity share, and the 'relevant date' for this purpose, in terms of Regulation 81(c) of the ICDR Regulations, was December 20, 2013.

Shares of Dhanlaxmi Bank Ltd was last trading BSE at Rs.40.60, up by Rs.0.60 or 1.50%. The stock hit an intraday high of Rs.41.15 and intraday low of Rs.40.20.

The total traded quantity was 0.45 lakh shares as compared to 2 week average of 0.41 lakh shares.

Source : Equity Bulls

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