DCB EGM approves increase in FII limit, issue of shares

Development Credit Bank Ltd (DCB) has announced that the members at the Extraordinary General Meeting (EGM) of the Bank held on December 15, 2006, inter alia, have passed the following resolutions with requisite majority:

1. Increase in the holding limit of Foreign Institutional Investors (FIIs) in the Bank from 24% to 49% of the paid up capital of the Bank.

2. Issue of equity shares of an aggregate amount upto Rs 225 Crores to Qualified Institutional Buyers.

Source : Equity Bulls

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