Private sector lender Dhanlaxmi Bank, a mid-sized private sector bank, is picking up a 15 % stake in Destimoney Securities Pvt. Ltd. Destinmoney is a financial services company controlled by private equity major New Silk Route.
“The strategic investment will reinforce the Banks commitment to be an integrated financial solutions company,” said Dhanlaxmi in a statement.
The deal will help Dhanlaxmi offer its retail customers online capital market services such as broking, mutual fund, IPO etc along through Destimoney.
Destimoney Securities, a member of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) 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.
Destimoney Securities is a 100 % subsidiary of Destimoney Enterprises, a full-service financial services provider and an advisory firm which is owned and controlled by $1.4 billion PE firm New Silk Route.
“The investment in Destimoney Securities is of strategic importance to Dhanlaxmi Bank and is part of our plans to augment growth, broaden our product portfolio and provide investment-savvy customers cost-effective financial solutions,” said Bipin Kabra, Chief Financial Officer, Dhanlaxmi Bank.
Destimoney, formerly known as Dawnayday, had picked a 49% stake in PNB Housing Finance last year.