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Development Credit Bank's plans

By Our Special Correspondent

HYDERABAD MAY 15. The Development Credit Bank (DCB) is in talks with about half a dozen private equity investors to enhance the foreign direct investment (FDI) limit to 74 per cent from 49 per cent. It expects the deal to materialise between September and December, according to H. V. Seshadri, Managing Director and CEO.

Addressing a press conference here to announce the national launch of its "SMS based mobile phone banking service," Mr. Seshadri said the bank was in the process of mandating a merchant banker also to handle the issue.

Agha Khan Fund for Economic Development, which already holds 49 per cent equity (the earlier FDI limit) in the bank, is one of those involved in discussions. Of the Rs. 23 crore equity capital, Platinum Jubilee Investment holds 6 per cent, and the remaining 45 per cent is held by 54,000 shareholders. Last December, Agha Khan Fund raised its stake to 49 per cent from 37 per cent.

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