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DCB Bank soars 5% after board approves acquisition of 9.90% stake in Svakarma Finance

The acquired company is into lending to Micro, Small and Medium enterprises to meet their business requirements.

November 01, 2021 11:40 IST | India Infoline News Service
DCB Bank board has granted its in-principle approval to the Bank to invest up to Rs2.04cr at par to acquire 09.90% shares of the post-issue equity share capital of Svakarma Finance Private Limited.

“Svakarma Finance is a Non- Banking Financial Company (NBFC) engaged in lending to Micro, Small and Medium enterprises to meet their business requirements. The acquired company is into lending to Micro, Small and Medium enterprises to meet their business requirements,” the company said in a filing on Saturday.

The company stock was bullish on Monday and at around 11.44 am, DCB Bank Ltd was trading at Rs95.65 per piece up by Rs4.8 or 5.28% from its previous closing of Rs90.85 per piece on the BSE.

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