The Hindu Business Line : Bank of Rajasthan okays 1:5 rights

BANK OF Rajasthan has reported net profit of Rs 9.6 crore for the quarter ended December 31, 2005, against Rs 7 crore in the year-ago quarter. The bank has also approved a rights issue in the ratio of 1:5 (one share against every five shares held on record date) at a price of Rs 50 per share, said a press release from the bank.

Each share in the rights issue will be attached with five warrants (one warrant each of 5 series) entitling the warrant-holders to subscribe for the share at a discount of 15 per cent to the average market price of the previous month, subject to a minimum of Rs 50 per share.

The total income was Rs 150.95 crore (Rs 137.7 crore), while the net interest income was Rs 59.3 crore (Rs 53 crore). Other income was Rs 20.81 crore (Rs 14.39 crore). The total expenditure was Rs 158.42 crore (Rs 123.26 crore).

The capital adequacy ratio was 13.06 per cent (15.76 per cent). The proportion of net NPAs to total assets was 1.82 per cent (3.67 per cent).

Total deposits rose to Rs 7,680.55 crore (Rs 6,016.79 crore), while total advances increased to Rs 3,155.83 crore (Rs 2,696.84 crore). The ascrip edged by Rs 0.40 to Rs 52.45 on the Bombay Stock Exchange.

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Bank of Rajasthan okays 1:5 rights