DCB gets shareholders' nod for raising Rs 300cr

Private sector lender Development Credit Bank (DCB) today said it has received approval from its shareholders for raising up to Rs 300 crore.

Shareholders of the company have given approval for the raising of Rs 200 crore through the issue of shares on a rights basis, DCB said in a filing to the BSE.

Further, they have also approved the raising of funds up to Rs 100 crore through the issue of securities to qualified institutional buyers on a private placement basis, it said.

Besides, the shareholders of the lender approved the appointment of two directors -- Suhail Nathani and Murali M Natrajan -- as directors of the company, it added.

Shares of DCB today closed at Rs 40.55, up 0.50 per cent from its previous close on the BSE.