Rajendra Khetan, one of the principal investors in Laxmi Sunrise Bank, has increased his stake in the bank by acquiring an additional 5.21 percent of shares from members of the Goyal and Guragai families.

“With this purchase, Khetan now holds approximately 7.5 percent of the bank’s total shares,” a source close to the Khetan-led House of Raj group told New Business Age. “The shares were acquired at a face value of Rs 100 per unit.”

According to the source, the transaction was worth over Rs 1.26 billion. Before this acquisition, Rajendra Khetan held 5,455,945 shares in the bank, representing 2.35 percent of the total shares.

As of the Fiscal Year 2023/24, his wife Sarika Khetan held 9,669,298 shares (4.17 percent), while his daughter Sneha Khetan owned 9,056,904 shares (3.91 percent). With this recent purchase, Rajendra Khetan has increased his direct personal holding in the bank.

Although founder shares are currently being traded below face value in the market, the shares in this deal were bought at Rs 100 per unit, with the condition that the purchaser would be entitled to the previous fiscal year's dividend. The transaction was completed by the end of last fiscal year (mid-July).

Sources confirmed that the shares were purchased from Kailash Chandra Goyal and his family members, as well as from Bhogendra Kumar Guragai and his family.

“This move aligns with our broader strategy of focusing investments in the financial sector,” said a source from the House of Raj. The Khetan-led group is also set to enter Nepal’s fintech space through a stake in Fonepay. The group has signed an agreement to acquire a 20 percent stake in Fonepay for Rs 1.4 billion. The deal is currently under review by Nepal Rastra Bank for regulatory approval.

Read: House of Raj to Acquire 20% Stake in Fonepay