Promoters to bring down stake in Dhanalakshmi Bank

Kerala-based Dhanalakshmi Bank is preparing a roadmap to pare promoter stake to 10 per cent and achieve a net worth of Rs 300 crore, as directed by the Reserve Bank of India (RBI).

The bank's promoter holding stood at 37.02 per cent, while the net worth stood at Rs 117 crore.

The top management of the bank would shortly go through the presentations prepared by merchant bankers DSP Merrill Lynch, Enam, Anand Rathi and Kotak Mahindra on the possible roadmap, sources said.

"The suggestions will be taken up by the board for consideration in its next meeting," Dhanalakshmi Bank Executive Director V S R Murthy said, adding that the roadmap was expected to be ready in a month's time.

The RBI directive is needed to be implemented by March 2009, Murthy said.

The Reserve Bank of India has been cracking the whip on old private banks to reduce interference from promoters, some of whom hold high equity stakes in such banks.