DCB Board approves increase of FII limit to 49%

Development Credit Bank Ltd (DCB) has announced that the Board of Directors of the Bank at its meeting held on November 20, 2006, inter alia, has approved the following:

1. Increase the holding limit of Foreign Institutional Investors in the Bank from the existing limit of 24% to 49% of the paid-up capital of the Bank.

2. Issue equity shares of an aggregate amount upto Rs 225 Crores to Qualified Institutional Buyers.

3. Ratify & approve the Special Resolution passed at the Extraordinary General Meeting held on November 21 2005 and Annual General Meeting held on September 11, 2006 approving the Employee Stock Option Scheme (Phase I & II).

The Board of directors further decided to convene an Extraordinary General Meeting of the Members of the Bank on December 15, 2006 to transact the aforesaid business.

Source : Equity Bulls

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