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Development Credit Bank debuts with 36% premium
Development Credit Bank has listed at Rs 35.35, which was 35.96% premium over its offer price of Rs 26 per share. The share is trading above Rs 40 level.
Development Credit Bank , one of India's private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development, AKFED, headquartered in Mumbai, has listed at Rs 35.35 on the BSE with 35.96% premium over its offer price of Rs 26 per share.
On the BSE, at 10:29 am, the share was quoting at Rs 43.85, with volumes of 2,07,08,737 shares. It has touched an intraday high of Rs 44.90 and an intraday low of Rs 35.35.
On the NSE, at 10:29 am, the share was quoting at Rs 44.30, with volumes of 3,08,62,867 shares. It has touched an intraday high of Rs 44.95 and an intraday low of Rs 35.
The company entered in the capital market with an initial public issue of 7,15,00,000 equity shares of Rs 10 each. The issue was subscribed 35.68 times.
The issue would 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 were JM Morgan Stanley Private Limited and Enam Financial Consultants Private Limited. Intime Spectrum Registry Limited had been appointed as the registrar to the issue.
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