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| Exchange Disseminated Time | With reference to the earlier announcement dated June 22, 2011, about the outcome of a meeting of the shareholders ("Shareholders") of Dhanlaxmi Bank Ltd (the "Bank") held on June 22, 2011, approving the issue and allotment of equity shares, to certain investors, on preferential allotment basis (the "Shareholders' Approval").
Further the Bank has been informed by one of the proposed investors, Customers Bancorp, Inc, that it will not be able to participate in this 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. Additionally, as per the provisions of 74(1) of the Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, the allotment has to be completed within a period of fifteen days from the date of the Shareholders' Approval. Accordingly, the Shareholders' Approval shall cease to be valid on July 08, 2011. In the event that the Bank wishes to undertake a further issue of equity shares by way of preferential allotment, the Bank shall obtain a fresh shareholders' approval as per the provisions of Section 81(1 A) of the Companies Act, 1956, as amended. |
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