Development Credit Bank fixes issue price at Rs 26

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Development Credit Bank, DCB, 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 7,15,00,000 equity shares amounting to Rs 186 crore, as per press release.

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 were JM Morgan Stanley and Enam Financial Consultants. Intime Spectrum Registry was the registrar to the issue.