Dcb Plans Ipo After March 04

As part of efforts to fund its expansion plans, Development Credit Bank (DCB) proposes to mop up about Rs 150 crore through a bond issue by March 2004. It will then go for an initial public offer.

The bank would also increase its capital base by Rs 22 crore, DCB chairman Naushad Padamsee said here today.

Its strategic stakeholder Aga Khan Fund for Economic Development (Akfed) decided to raise its holding to 49 per cent from 37.5 per cent. Padamsee said the bank does not require more equity capital right now as the capital adequacy ratio was quite high at 11.5 per cent.

 

Since the bank