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Plans to raise Rs 225 crore

MR NASEER MUNJEE (left), Chairman, Development Credit Bank, and Mr Gautam Vir, Managing Director & CEO, at a press conference in Mumbai on Friday. - Shashi Ashiwal

Mumbai , Dec. 15

The extraordinary general meeting of Development Credit Bank today okayed the issue of equity shares for an aggregate amount of up to Rs 225 crore to qualified institutional buyers (QIBs).

"This will bring down the promoter's (Aga Khan Fund for Economic Development) stake from 29.8 per cent to 22-23 per cent post-issue," said Mr Adil Kasad, Executive Vice-President and Chief Financial Officer, DCB, at a press conference here.

The issue will be for around four to five QIB investors, he added.

The bank has applied to the RBI for 16 additional branches to add to its existing strength of around 67 branches.

The bank plans to increase its deposit base from Rs 3,000 crore to Rs 4,000 crore and advances from Rs 2,000 crore to Rs 2,800 crore by the end of this fiscal.

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Development Credit Bank EGM okays QIB placement

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