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Thursday, September 21, 2006

DCB Bank's IPO by September end

Development Credit Bank, DCB will tap the capital market to raise Rs 200 crore (Rs 2 billion) through an initial public offer, IPO, which is expected by the end of September, reports The Financial Express.

"We will be coming out with an IPO to raise Rs 200 crore to fund our growth purposes," DCB Bank chairman Nasser Munjee said here on the sidelines of an Assocham interactive session.

He said the proceeds from the IPO would be utilized primarily for lending to the retail and small and medium enterprises, SMEs.

The IPO would be through book building process, after which the holding of the bank's promoters would come down to about 32%.

The private sector bank is promoted by Aga Khan Fund for Economic Development, AKFED.

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