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DCB Bank to seek more time to dilute promoter stake

DCB Bank is planning to seek more time from the Reserve Bank of India to meet the norm that promoters’ stake should be below 10%. Murali M Natrajan, MD and CEO of the bank said it is impossible to meet the deadline at the current market conditions and hence the bank management would be seeking more time. The RBI had asked the bank to bring down the stake from 18.5% before March 2014. The promoters, Akfed (Aga Khan Fund for Economic Development) and PJI (Platinum Jubilee Investment), holds 18.46% stake in the bank. The rest is held by other investors, including PE fund Tano Mauritius India FVCI II (4.76 %), WCP Holdings III (4.69 %), Ambit Corporate Finance Ltd (4.21 %), South Indian Bank (3.42 per cent), Tata Capital Financial Services (2.63 %) and TVS Shriram Growth Fund India (2.51 %). In 2009, promoters’ holding was around 26%, which was brought down gradually to 18.5%. Natarajan said at the current market condition or in the next 12 months, it is not viable to take any move.

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