Banking & Finance
DCB to tap market by September end
NEW DELHI: Development Credit Bank Ltd (DCB) will tap the capital market to raise Rs 200 crore through an initial public offer (IPO), which is expected by the end of September.
“We will be coming out with an IPO to raise Rs 200 crore to fund our growth purposes,” Mr Nasser Munjee, Chairman, DCB, said here on the sidelines of an ASSOCHAM interactive session.
He said the proceeds from the IPO would be utilised primarily for lending to the retail and small and medium enterprises (SMEs).
The IPO would be through book building process, after which the holding of the bank’s promoters would come down to about 32 per cent. Aga Khan Fund for Economic Development (AKFED) promotes the private sector bank. – PTI