Development Credit Bank Limited, one of India’s private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development (AKFED), headquartered in Mumbai, has fixed the priced band for its forthcoming initial public offering of equity shares of Rs. 10 each between Rs. 22 and Rs. 26 per share.
DCB is entering the capital market with an initial public issue of 71,500,000 equity shares of Rs.10 each. The price is to be determined through a 100% book build process. The issue will open for subscription on September 29, 2006 and close on October 6, 2006.
The issue comprises of a reservation of 2,502,500 equity shares for eligible employees and the net issue to the public would be for 68,997,500 equity shares.
The issue will help the bank strengthen its capital base as also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.
The book running lead managers to the issue are JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited has been appointed as the Registrar to the Issue.
Disclaimer
* “This announcement has been prepared for publication in India and may not be released in the United States. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration under the US Securities Act of 1933 or an exemption from registration.”
