Development Credit Bank Opens QIP Issue on March 1, 2012

The QIP Committee of the Board of Directors of Development Credit Bank Ltd at its meeting held on March 01, 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.

March 01, 2012 has been fixed as the 'Relevant Date' for the purpose and hence the Floor Price is Rs.47.65 per equity share. The Issue will open on March 01, 2012.

The Development Credit Bank Ltd stock closed the day at Rs.49.20, up by Rs.1.40 or 2.93%. The stock hit an intraday high of Rs.49.80 and low of Rs.48.10.

The total traded quantity was 10.95 lakhs compared to 2 week average of 8.86 lakhs.

Source : Equity Bulls

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