Business
Morgan Stanley picks up 6.74 p.c in DCB
Mumbai, Nov. 6 (PTI): Foreign investor Morgan Stanley has picked up 6.74 per cent in the Development Credit Bank through market purchase.
Morgan Stanley, Dean Witter Mauritius Co. Ltd and Morgan Stanley Investment Mauritius Ltd acquired 99.48 lakh shares of DCB on October 27, the company informed the National Stock Exchange.
The Aga Khan Fund for economic development holds 58 per cent stake in DCB.
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DCB mulls diluting promoter stake via FPOs
Business Standards
BS Reporter / Mumbai November 10, 2006
Mumbai-based Development Credit Bank (DCB), which got listed last month, plans to further increase its net worth to Rs 500 crore from around Rs 350 crore currently through more capital issuances as early as possible.
Apart from providing capital for growth, fresh capital issuances will also help dilute the stake of Aga Khan Fund for Economic Development (AKFED), the promoter, from over 31% to within the Reserve Bank of India (RBI) permitted 10 per cent. RBI has asked DCB to reduce AKFED’s stake to the maximum permitted by March 31, 2007.
“We are looking at taking the net worth of the bank to Rs 500 crore from Rs 350 crore at present as early as possible,” Gautam Vir, MD & CEO of DCB Bank, said.
The bank had raised Rs 186 crore through its initial public offering (IPO) earlier this month. Post-IPO, the promoter-Aga Khan Fund For Economic Development (AKFED)’s stake which was at 58.43% came down to close to 31%.
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