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Our Bureau

Mumbai , Nov. 20

The Mumbai-based Development Credit Bank will issue equity shares up to Rs 225 crore to qualified institutional buyers (QIB).

This may lead to a dilution of promoter Aga Khan Fund for Economic Development's stake from 29.8 per cent to below 26 per cent , said a senior official from the bank. The bank also plans to increase its capital base to above Rs 500 crore, the official added. The bank currently has a capital base of more than Rs 300 crore.

The bank, at its board meeting, also decided to increase the limit for foreign institutional investors from 24 per cent to 49 per cent of the paid-up capital, said a BSE announcement.

The scrip ended at Rs 52.70, higher than the previous close at Rs 51.65.

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