Development Credit Bank to raise Rs 225 crore

Published: Monday, November 20, 2006, 16:07 [IST]

New Delhi, Nov 20: Development Credit Bank Ltd (DCB) today said its board has approved raising upto Rs 225 crore through an issue of equity shares to Qualified Institutional Buyers (QIBs).

The board has also given its nod for increasing the holding limit of Foreign Institutional Investors (FIIs) from the existing limit of 24 per cent to 49 per cent of the paid-up capital of the bank, a statement said.

The BoD have further decided to convene an Extraordinary General Meeting of the members of the bank on December 15 to transact the aforesaid business.

UNI

 

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