Private sector lender Bank of Rajasthan (BoR) has finally received shareholders' approval for issue of bonus shares in the ratio of 1 share for every 5 shares held. The approval was received at the bank's annual general meeting held at Udaipur. Further, the bank has also received shareholders' approval for payment of 5% dividend for the year ended March 31, 2008. The shareholders have also approved the re-appointment of P N Bhandari, Magh Raj Calla, K N Bhandari and Sunil Behari Mathur as Directors of the bank.

In addition, it has also obtained approval for the fresh appointment of Nitin Narotamdas Goel, Dharinder Kumar Tayal and Salil Kapoor as Directors of the bank, subject to Reserve Bank approval. Recently, the bank has raised its benchmark prime lending rate by 100 basis points to 16 percent. It has also raised its home loan rates by 50 basis points. Bank of Rajasthan has registered a marginal increase of 2.49% in its net profit at Rs 30.92-crore in Q1 FY09 as against Rs 30.17-crore in the year-ago period. Investors are suggested to buy Bank of Rajasthan at current level to make decent gains over long term. The stock looks brilliant for long term as it has a very good turnaround story and banking stocks are available at discounted price after the recent stock market meltdown.