Dhanlaxmi Bank plans to raise up to Rs 200 crore of capital by early next month, its chief executive and managing director PG Jayakumar said today.
"We have appointed ICICI Securities and Motilal Oswal Securities as our merchant bankers. They will make a presentation to the board on December 11. We will probably raise the money by January 5," Jayakumar told Business Standard over phone.
Earlier in the day there were speculations that Dhanlaxmi Bank has opened a QIP (qualified institutional placement) issue at Rs 86 per share. Jayakumar dismissed those talks as "rumours".
He further added that the bank was yet to finalise how it will raise the funds. "It may be a QIP but we have not decided. We can explore other options as well. We will decide after reviewing the presentation on December 11," he said.
In September, 2012 the board of directors of the Thrissur-based private lender took an in-principle decision to raise up to Rs 200 crore by issuing equity shares. The move is aimed to strengthen the bank's capital base.
Dhanlaxmi Bank closed July-September quarter with a capital adequacy ratio of 10.90 per cent.