**[investwise]** DCB-QIP To Lower The Aga Khan Foundation Stake, New Investors Get An Entry

 

The Aga Khan Fund for Economic Development (Akfed) will reduce its stake in Development Credit Bank Ltd (DCB) to 10% from 24.86% in the next three-four years to comply with the nation's rules.   The Reserve Bank of India (RBI) has issued 2 branch licences to DCB, with 3 more awaiting the nod.   Late in 2009 DCB raised Rs81 crore through a qualified institutional placement. This bought down the promoter holding in the bank to 24.86% from 26%. The QIP of Rs 150 cr planned for December 2010, will further reduce the stake of AKFED and allow more institutional investors to move into the stock.   DCB, which operates through 82 branches is seeking to attract about five-seven long-term investors along with our core investor, Akfed, who will continue to supervise the working of the bank.   Some of the existing key investors in DCB are Al Bateen Investment Co. Ltd of the United Arab Emirates, Tata Capital Ltd, DCB Investments Ltd, a special purpose vehicle floated by UK-based asset management company Schroders Plc, Motilal Oswal Securities Ltd and Housing Development Finance Corp. Ltd. In addition there are brokerage houses Edelweiss and Religare alongside mutual fund BNP Paribas, which hold between 1 to 2 per cent of the DCB thereby raising institutional plus promoter interest to nearly 50 per cent of the Equity.     Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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