Destimoney Securities, a 100 per cent subsidiary of Destimoney Enterprises Pvt. Ltd., announced today that Dhanlaxmi Bank would provide growth capital and acquire 15% stake in the company. The alliance comes close on the heels after Destimoney’s partnership with Punjab National Bank Housing Finance, a part of one of the largest Public Sector Banks in the country.
In February 2010, Dhanlaxmi Bank had entered into an alliance with Destimoney Securities to offer its customers a three-in-one-account, where customers can operate the savings and demat accounts and use their funds and securities for investing in capital market products.
Welcoming the transaction, Mr. Vivek Vig, Managing Director and CEO of the Destimoney Group of Companies, said "This will further reinforce our relationship with Dhanlaxmi Bank, and will provide an outstanding launch platform for this important customer offering".
Commenting on the development, Mr. Anand Dorairaj, Partner at New Silk Route, emphasized: "We will continue to remain invested in Destimoney Securities. We welcome Dhanlaxmi Bank as a new strategic investor, fully committed to providing fresh growth capital to this rapidly expanding Destimoney Group Company".
Destimoney Enterprises Pvt. Ltd. is owned and controlled by New Silk Route (NSR), a private equity firm.
New Silk Route is a leading Asia-focused growth capital firm founded in 2007 with $1.4 billion under management, focused on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East.
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About Destimoney:
Destimoney Securities, a member of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), and fastest growing new age brokerage. It has a network of 14 branches and more than 100 franchisees covering over 50 cities spread across the country with a client base of around 27,000.
Destimoney is one of India’s leading retail financial services and distribution companies, a world-class customer-centric services enterprise that fulfils the financial needs of ‘Middle India, with global processes and a focus on profitable growth. They have a strong foot print in over 70 locations, with more than a 100 branches.
Destimoney distributes all financial products, and manufactures a select few. They develop individually structured financial products for their customers - from universal real life needs for family, security, health assurance and education to wealth creation and home ownership; on to lifestyle and business requirements, and continuing along the road to retirement and estate planning,
Destimoney Enterprises Pvt. Ltd. is owned by New Silk Route (NSR), a private equity firm.
New Silk Route is a leading Asia-focused growth capital firm founded in 2007 with $1.4 billion under management, focused on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East.