Dhanlaxmi Bank rose 6.32% to Rs 40.40 at 11:03 IST on BSE on media reports that Kotak Mahindra Bank is looking to acquire the bank via share swap.
Meanwhile, the BSE Sensex was down 442.71 points, or 1.61%, to 27,064.59.
On BSE, so far 11.25 lakh shares were traded in the counter, compared with an average volume of 80,312 shares in the past one quarter.
The stock hit a high of Rs 43.25 and a low of Rs 39.50 so far during the day. The stock hit a 52-week high of Rs 61.25 on 4 July 2014. The stock hit a 52-week low of Rs 29.15 on 26 March 2015.
The stock had outperformed the market over the past one month till 11 May 2015, rising 12.59% compared with 4.75% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 14.11% as against Sensex's 3.60% fall.
The small-cap private sector bank has an equity capital of Rs 177.44 crore. Face value per share is Rs 10.
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Due diligence for the proposed acquisition is in final stages, reports added.
Shares of Kotak Mahindra Bank were down 2.16% to Rs 1,310.
Dhanlaxmi Bank reported net profit of Rs 17.10 crore in Q3 December 2014 as against net loss of Rs 119.37 crore in Q3 December 2013. Operating income rose 5.2% to Rs 344.67 crore in Q3 December 2014 over Q3 December 2013.
Dhanlaxmi Bank was incorporated in 1927 at Thrissur, Kerala.
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