Dhanlaxmi Bank said it will raise Rs 150 cr by issuing non-convertible, 7-year bonds.

The bonds will carry interest of 11% paid every six months.

The debentures, of face value Rs 10 lakhs each, will be sold on a private placement basis.

The notes will be of subordinated Tier-LI status, the private bank added.

Dhanalakshmi Bank Ltd was incorporated on 14 November 1927 at Thrissur city, Kerala.

It became a Scheduled Commercial Bank in the year 1977.

Today it has 280 branches and around 400 ATMs.

The bank is a depository participant of NSDL (National Security Depository Limited) offering Demat services through select branches.

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