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 price at Rs. 26 per share for its Initial Public Offer (IPO) of 71,500,000 equity shares amounting to Rs. 186 crores.

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 buyer’s portion was oversubscribed by 38 times, the High Net worth Individual’s portion was oversubscribed by 84 times and the retail portion by 15 times.

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 share will be listed on National stock Exchange Limited and Bombay Stock Exchange Limited. The book running lead managers to the issue are JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited is the Registrar to the Issue. 

Sourced From: Adfactors Public Relations Pvt Ltd