Development Credit Bank allots shares to investors at Rs.47.84

The Board of Directors of Development Credit Bank Ltd at its meeting held on February 23, 2012, has approved raising an amount upto Rs. 100 crores by way of preferential issue in accordance with the provisions of Chapter VII of the SEBI ICDR Regulations, 2009 (as amended from time to time), subject only to approval of the shareholders, the RBI and other regulatory approvals, if any.

The allotment to the investors will be at a price of Rs. 47.84 (Rupees Forty Seven and Paise Eighty Four only) per equity share of Rs. 10/- each, aggregating upto 9.34% of the post issue share capital of the Bank (calculated based on the issue share capital as of February 23, 2012).

The list of investors include Wolfensohn Capital Partners, LP. or their Wholly owned subsidiary (Post Issue Shareholding: 2.78%), Tano Mauritius India FVCI II (Post Issue Shareholding: 3.72%) and TVS Shriram Growth Fund I (Post Issue Shareholding: 2.84%).

The Development Credit Bank Ltd stock was trading at Rs.46.85, down by Rs.0.10 or 0.21%. The stock hit an intraday high of Rs.48.65 and low of Rs.46.50.

The total traded quantity was 3.67 lakhs compared to 2 week average of 11.30 lakhs.

Source : Equity Bulls

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