Developement Credit Bank raised Rs 81 crore of Tier I capital through its qualified institutional placement issue said a press release from the bank. After the QIP the promoter Aga Khan Fund of Economic Development (AKFED) Group’s holding in DCB will come down to 23.11 percent from 26.22 percent at present. Over a period of time the bank intends to have a select few long term investors who along with AKFED will support the DCB’s growth strategy and mission.
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The capital raised will strengthen the bank’s balance sheet and facilitate growth.
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