Dhanalakshmi Bank to raise Rs 150 crore

Dhanalakshmi BankPrivate sector lender Dhanalakshmi Bank has successfully raised Rs 150 crore by selling bonds to investors on a private placement basis.

The lender stated in a communiqué that the bonds carry a rate of 10.30 per cent and have tenure of 5 years and 7 months. The interest payment will be on annual basis and the due date for the same would be September 30 every year.

The bonds are proposed to be listed at the National Stock Exchange.

Apart from latest development, the lender plans to raise an additional Rs 200-crore Tier-II capital in the near future to fuel its business expansion plans.

Presently, Dhanalakshmi Bank has 207 branches and 78 ATMs across the country. The lender plans to add 66 branches and 380 ATMs by end of this year.