Development Credit Bank Ltd to open QIP

The Board of Directors of Development Credit Bank Ltd at its meeting held on February 21, 2012, inter alia, has decided to open the proposed issue of equity shares of the face value of Rs 10 each of the Bank through a Qualified Institutions Placement (QIP) (the "Issue") in accordance with Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended.

February 21, 2012 has been fixed as the 'Relevant Date' for the purpose and hence the Floor Price is Rs. 47.84 per equity share The Issue will open on February 27, 2012.

The Development Credit Bank Ltd stock was trading at Rs.46.20, down by Rs.4.45 or 8.79%. The stock hit an intraday high of Rs.51 and low of Rs.45.25.

The total traded quantity was 10.79 lakhs compared to 2 week average of 12.05 lakhs.

Source : Equity Bulls

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