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, 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.
The article was first published on livemint.com