India Ratings & Research (Ind-Ra) has withdrawn Dhanlaxmi Bank's (Dhanlaxmi) long term issuer rating of 'BBB-', which had a stable outlook. Ind-Ra has also withdrawn the bank's Rs 170 million lower tier 2 subordinated debt rating of 'BBB-' as the loans have been paid in full.

The bank's lower tier 2 subordinated bonds have been rated at the same level as its long-term issuer rating based on Ind-Ra's 'Rating of Bank Legacy Hybrids and Sub-Debt' criteria dated Sept. 12, 2012.

Ind-Ra will no longer provide ratings or analytical coverage for Dhanlaxmi Bank.

Shares of the bank gained Rs 0.65, or 1.44%, to settle at Rs 45.70. The total volume of shares traded was 81,569 at the BSE (Friday).