India: DCB Bank acquires 5.8% stake in Annapurna Microfinance for $1.5m

DCB Bank has acquired 5.81 per cent stake in Annapurna Microfinance Pvt Ltd for Rs 9.99 crore ($1.45 million), according to a stock market disclosure.

“The initiative of acquiring a strategic equity stake in Annapurna further strengthens our business partnership. DCB Bank has a meaningful presence in the microfinance segment which helps to achieve its financial inclusion goals,” said Murali M Natrajan, MD & CEO, DCB Bank.

DCB Bank Ltd, formerly Development Credit Bank Ltd, was founded in 1930. The bank’s business segments include retail, micro-SMEs and SMEs, mid-corporate, micro-finance,, agriculture, commodities, government, public sector, Indian banks, cooperative banks and non-banking finance companies.

“This capital infusion is a mandate for growth. It will help in striving forward to achieve our goal of serving the financially under-served. Domestic private bank investing in Annapurna is not only a great instance for our company but also good news for the microfinance sector,” said Gobinda Pattnaik, MD, Annapurna Microfinance.

Annapurna Microfinance, a central-eastern India focussed micro lender, operates through its 172 branches in Odisha, Chhatisgarh, Jharkhand, Maharshtra, Madhya Pradesh and Rajasthan.

It has around Rs 720 crore assets under management.

Promoter and promoter group Aga Khan Fund for Economics Development (AKFED) and Platinum Jubilee Investments Ltd hold around 16 per cent stake in the bank.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.