The Telegraph
 
 
IN TODAY'S PAPER
CITY NEWSLINES
 
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
 
Email This Page
DCB plans placement of Rs 130 cr

Calcutta, Oct. 21: Development Credit Bank is looking to raise Rs 120-130 crore through private placement of shares by March 2004.

H. V. Sheshadri, the bank’s managing director, said Ernst & Young had been engaged to manage the placement of shares. “We have initiated talks with a couple of foreign funds,” he added.

The issue, however, is fully underwritten by Agha Khan Fund for Economic Development — the bank’s promoter.

Besides issuing shares, the bank is borrowing Rs 56 crore. These funds are going to be used to pay down previous borrowings at higher interest rates and meet costs of expansion.

The bank intends to set up 35 more branches over the next couple of years. It has 65 branches at present.

Top
Email This Page