DCB to issue shares at Rs 105, raise Rs 310cr

The board of directors of Development Credit Bank (DCB), which met today, approved a proposal to raise up to Rs 310 crore by issuing preferential shares at Rs 105 per share.

According to a release issued by the bank to the BSE today, the preferential issue would constitute 16.60% of the post-issue share capital.

The shares were trading at Rs 107 in afternoon deals on the BSE today.

The investors would include Tata Capital (with a post-sssue shareholding of up to 4.60%), Al Bateen Investment Co. L.L.C., U.A.E, GRA Finance Corporation, Mauritius, DCB Investments, Mauritius and India Capital Opportunities 1, Mauritius.

"If the RBI approval is not received wholly or partly for any of the proposed investor(s), the board shall have the power to identify and negotiate with one or more investors or with other interested investors and procure specific approval of the RBI," the release added.