Mumbai-based Development Credit Bank (DCB), which got listed last month, plans to further increase its net worth to Rs 500 crore from around Rs 350 crore currently through more capital issuances as early as possible. Apart from providing capital for growth, fresh capital issuances will also help dilute the stake of Aga Khan Fund for Economic Development (AKFED), the promoter, from over 31% to within the Reserve Bank of India (RBI) permitted 10 per cent. RBI has asked DCB to reduce AKFED's stake to the maximum permitted by March 31, 2007."We are looking at taking the net worth of the bank to Rs 500 crore from Rs 350 crore at present as early as possible," Gautam Vir, MD & CEO of DCB Bank, said. The bank had raised Rs 186 crore through its initial public offering (IPO) earlier this month. Post-IPO, the promoter-Aga Khan Fund For Economic Development (AKFED)'s stake which was at 58.43% came down to close to 31%.
