Dhanlaxmi Bank is set to acquire 15 % stake in Destimoney Securities Pvt. Ltd. (DSPL) for Rs.13 Cr.

The stake acquisition is a part of Dhanlaxmi’s strategic plan to be an integrated financial solutions company.

Destimoney Securities is a 100 % subsidiary of Destimoney Enterprises Pvt Ltd (formerly Dawnay Day), a full-service financial services provider and an advisory firm which is owned and controlled by PE firm, New Silk Route (NSR).

Founded in 2006, New Silk Route is an Asia-focused growth capital firm founded in 2006 with $1.4 billion under management, focused on the Indian subcontinent, as well as other rapidly growing economies in Asia and the Middle East.

Destimoney Securities is a member of BSE and NSE and has a network of 14 branches and more than 100 franchisees covering 50 cities spread across the country with a client base of around 27,000.

Earlier this year in February, Dhanlaxmi Bank and Destimoney announced a mutually beneficial strategic alliance inorder to provide Dhanlaxmi’s customers a 3 in 1 account, a service that bundles the features of a savings account, a demat account an Online Trading and Investment account.

This year, Destimoney Enterprises entred into a strategic partnership with Artha Moneywhich will enable Artha Money and its customers to get access and use Destimoney’s online equity trading platform, while Destimoney’s customers will be able to use Artha Money’s online commodity trading platform.

last year, Destimoney acquired 49% stake in PNB Housing Finance.

For Q2 FY 2011, Dhanlaxmi Bank reported total income of Rs.229.2 Cr with net profit of Rs.1.6 Cr.


 

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1	October 29, 2010 12:38 PM	The greatest joke we enjoy during the time when banks publish their results is when we read the statement of the CEO/CFO of the Dhan Laxmi Bank the usual strain of which will be (see the last 3 quarter results ):we recruited 2000 staff members ,which actually is a corporate lie as the work is mostly done through outsourcing and their officers’ union (DBOA)has been demanding to recruit more officers ! Last time some similar gimmick was played ! This time the thrust is on “Dhanlaxmi to buy 15% in Destimoney Securities’ which all the leading newspapers very obediently reported prominently ignoring their responsibility to inform the public about the gravity of the situation “ Net profit amounted to Rs 1.6 crore, compared to Rs 6.3 crore last year.” THE DECLINE THIS IN N.P. MORE THAN 65 % ! LAST QUARTER MORE THAN 45 % !! NPA PROVISION COVERAGE ONLY 46 % AGAINST 70 % TO BE ACHIEVED AS ON 30/09/10 !! THESE ARE ONLY UNAUDITED FIGURES ! ACTUALLY IT IS IN THE RED CONSIDERING THE FACT THAT NPA PROVISION COVERAGE @ 70 % NOT PROVIDED FOR –ONLY 46 % PROVIDED ! WOULD THE STATUTORY AUDITORS HAVE TAKEN THE RISK OF NOT PROVIDING ? THESE ARE ONLY UNAUDITED FIGURES ! HOW CAN THIS BANK SURVIVE ? Now this bank with( THE SMALLEST BANK WITH THE lowest profitability in India ) with a history of over 90 years is described as a “new generation bank” !!! We do admire the media management success of the CEO MR.AMITABH ( drawing more salary than many of the really performing private sector banks)is only a visitor at the corporate office of the bank in Trichur ! I DO HOPE THE MUMBAI PRESS PERSONS WILL MAKE AN INTROSPECTION ABOUT THEIR RESPONSIBILITY TO THE PUBLIC !! - Posted by TARUN DAS
2	October 29, 2010 07:26 AM	The greatest joke we enjoy during the time when banks publish their results is when we read the statement of the CEO/CFO of the Dhan Laxmi Bank the usual strain of which will be (see the last 3 quarter results ):we recruited 2000 staff members ,which actually is a corporate lie as the work is mostly done through outsourcing and their officers’ union (DBOA)has been demanding to recruit more officers ! Last time some similar gimmick was played ! This time the thrust is on “Dhanlaxmi to buy 15% in Destimoney Securities’ which all the leading newspapers very obediently reported prominently ignoring their responsibility to inform the public about the gravity of the situation “ Net profit amounted to Rs 1.6 crore, compared to Rs 6.3 crore last year.” Now this smallest bank with the lowest profitability in India with a history of over 90 years is described as a “new generation bank” !!! We do admire the media management success of the CEO MR.AMITABH who draws more salary than many of the realy performing private sector banks,is only a visitor at the corporate office of the bank in Trichur ! I DO HOPE THE MUMBAI PRESS PERSONS WILL MAKE AN INTROSPECTION ABOUT THEIR RESPONSIBILITY TO THE PUBLIC !! - Posted by TARUNDAS

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