Dhanlaxmi Bank has dipped 3% to Rs 117 after the bank said Customers Bancorp Inc, one of the proposed investors, will not be able to participate in the preferential allotment and subscribe to the equity share due to certain regulatory reasons applicable in the jurisdiction of its incorporation.
"Pursuant to the above the other proposed investors have also expressed their reservations in subscribing to the preferential issue," the private sector bank said in a filing to the stock exchanges.
The board of directors of the bank in its meeting held on May 19, 2011 approved the allotment of upto 20.75 million equity shares of Rs 10 each of the bank at a premium of Rs 130 per equity share aggregating to an issue price of Rs 140 per equity share for an aggregate issue price of upto Rs 291 crore, to the investors, on preferential allotment basis.
The bank will undertake a further issue of equity shares by way of preferential allotment, the bank shall obtain a fresh shareholders' approval as per the Sebi Regulation, as the earlier approval was valid upto July 8, 2011.
The stock opened at Rs 119 and hit a low of Rs 116 on the NSE. A combined 128,413 shares have changed hands on the counter till 0935 hours.
