Mumbai, October 27, 2006: Development Credit
Bank Limited, one of India’s private sector
banks promoted by the Switzerland-based Aga
Khan Fund for Economic Development (AKFED) and
headquartered in Mumbai, got listed on the Bombay
Stock Exchange (BSE) today. The stock opened
at Rs. 35.35, up 35.96% over the issue price
of Rs. 26/- a share. It hit a high of Rs. 48.65
and low of Rs. 35.35, before closing at Rs.
47.30 on BSE. The stock saw a combined volume
of 138 million shares on the BSE and NSE.
The issue which opened for subscription on
September 29, 2006 and closed on October 6,
2006, was oversubscribed by 35.68 times. The
qualified institutional buyers’ portion
was oversubscribed by 38 times, the High Net
worth Individuals’ portion was oversubscribed
by 84 times and the retail portion by 15 times.
The issue will help the Bank strengthen its
capital base and also help it meet the capital
adequacy norms required by Basel II and recommended
by the Reserve Bank of India.
DCB had entered the capital market with an
initial public offer of 71,500,000 equity shares
amounting to Rs. 186 crores. The issue comprised
of a reservation of 2,502,500 equity shares
for eligible employees and the net issue to
the public was 68,997,500 equity shares. The
offer constituted 48.43% of the post issue paid
up capital of the company.
For further information, please contact:
Sonia Kulkarni
Adfactors PR
91 98201 84099
Ph: 022 2281 4202 / 22813565
