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Business News/ Industry / Banking/  Oman India Joint Investment Fund II buys 1.63% in DCB Bank
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Oman India Joint Investment Fund II buys 1.63% in DCB Bank

Oman India Joint Investment Fund II (OIJIF) on Wednesday said it has acquired 5.07 million shares or 1.63% stake in Mumbai based DCB Bank through a block trade on stock exchanges

The stake is valued at ₹42 crore. Photo: Pradeep Gaur/ MintPremium
The stake is valued at 42 crore. Photo: Pradeep Gaur/ Mint

Mumbai: Oman India Joint Investment Fund II (OIJIF) on Wednesday said it has acquired 5.07 million shares or 1.63% stake in Mumbai based DCB Bank through a block trade on stock exchanges. The stake is valued at 42 crore.

OIJIF is a private equity fund backed by State Bank of India (SBI) and State General Reserve Fund of Oman (SGRF),purchased 50,69,903 shares of DCB Bank through a bulk deal, according to information available with the stock exchanges.

The shares were purchased at an average price of 81.90 valuing the transaction at 41.52 crore, data showed.

DCB Bank reported a 28% decline in net profit at 69 crore for the March quarter against a net profit of 96 crore in the same period of 2018-19.Net Interest Income during the January-March quarter of FY20 rose by 7.59% to 323.71, over 300.87 crore in the same period of the preceding fiscal.

Shares of DCB Bank Ltd closed at 81.90, up 1.55% on the NSE, while the benchmark index, Nifty gained 0.06% to 11,101.65 points.

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Published: 05 Aug 2020, 10:20 PM IST
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