The Development Credit Bank (DCB) stock was today listed on the Bombay Stock Exchange at Rs 35.35, a premium of 36 per cent over its initial public offer price of Rs 26 a share. | |
| On the National Stock Exchange, the stock was listed at Rs 35.35 and hit a high of Rs 48.65 in early trade.Of late, bank stocks have seen a revival in investor interest following robust second quarter results. |
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| Agency reports quoted chief executive Gautam Vir as saying that the bank plans to improve profitability by targeting a net interest margin of 3 per cent by March 2009 from 2.47 per cent in June this year. |
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| It also plans to reduce its net bad loans to 2.5 per cent by March 2007 from 4 per cent in June. |
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| The issue, which was open from September 29 to October 6 this year, was oversubscribed 35.68 times. The qualified institutional buyers portion was oversubscribed 38 times, that of high net worth individuals 84 times and retail investors' 15 times. |
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