UAE group picks 4.24 pc stake in DCB

Dubai, Sep 27 (UNI) Al Bateen Investment Co LLC (ABI), a unit of the Abu Dhabi-based Al Ain International Group, has acquired a 4.24 per cent stake in India's Development Credit Bank (DCB), thus marking its entry into the Indian market.

''We have paid the money and the allotment of shares to ABI has been completed,'' Madhu B Madhusudan, Al Ain International Group's chief financial officer was quoted in reports as saying.

He declined to comment on the value of the deal.

However, a source close to the developments said that the acquisition cost ABI close to 21 million dollar.

''ABI invested by subscribing to DCB's preferential issue to a group of institutional investors. These include Tata Capital and the Mauritius-based GRA Finance Corporation,'' ABI said in a statement.

DCB is one of the fastest growing private sector commercial banks in India. Nearly 80 years old, DCB currently has a network of 72 branches in India and plans to double that number by 2009.

The Aga Khan Fund for Economic Development is the largest stakeholder in the bank, holding more than a 55 per cent.

UNI