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Tano, Wolfensohn Capital buy additional stake in Development Credit Bank for $7.5M

09 November, 2012

Development Credit Bank Ltd is raising another Rs 41 crore (around $7.5 million) from two of its existing private equity backers for an additional 3.72 per cent stake. Tano Capital and Wolfensohn Capital Partners will increase their stake to 4.77 per cent and 4.7 per cent, respectively, through a preferential issue.

The current issue comes after Tano and Wolfensohn, along with TVS Capital, infused Rs 100 crore in DCB for 9.34 per cent stake in February this year. DCB followed it up with a qualified institutional placement (QIP) of Rs 94 crore.

The shares in the current allotment are being acquired for Rs 43.68 a unit, a discount of nearly 10 per cent, compared to the preferential allotment at Rs 47.84 earlier this year.

DCB’s scrip closed at Rs 44.25, down 1.21 per cent on the BSE on Friday, giving it a market capitalisation of Rs 1,065.1 crore.

For Q2 FY13, DCB reported 13.3 per cent increase in net interest income to Rs 67 crore while profit after tax grew 66 per cent to Rs 22.1 crore, compared to the same period last year. DCB reported an NII of Rs 228 crore with its PAT growing 157 per cent to Rs 55.1 crore in FY12.

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(Edited by Sanghamitra Mandal)


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Tano, Wolfensohn Capital buy additional stake in Development Credit Bank for $7.5M

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