Development Credit Bank's IPO price band fixed at Rs 22-26

Mumbai, Sep 25 (UNI) Mumbai-headquartered Development Credit Bank, a private sector bank promoted by the Switzerland-based Aga Khan Fund for Economic Development (AKFED), has fixed the price band for its forthcoming IPO between Rs 22 and Rs 26 per equity share of Rs 10 each.

The Bank is entering the capital market with an issue of 71,500,000 equity shares of Rs 10 each. The issue will open for subscription on September 29 and close on October 6.

Briefing reporters here today, Bank managing director and CEO Gautam Vir said proceeds of the issue will help the Bank strengthen its capital base and also help it meet the capital adequacy norms required by Basel II and recommended by the Reserve Bank of India.

The issue comprises of a reservation of 25,02,500 equity shares for eligible employees and the net issue to the public would be 68,997,500 equity shares.

The book running lead managers to the issue are JM Morgan Stanley and Enam Financial Consultants. Intime Spectrum Registry is the Registrar to the issue.

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