DCB Bank to invest up to Rs25 lakh to acquire 5.95% stake of Kaabil Finance

9 Feb 2022 , 03:40 PM

The Board of Directors of DCB Bank Ltd in its meeting held today i.e. February 09, 2022, inter alia, has granted its in-principle approval to the Bank to invest up to Rs25 lakhs to acquire 5.95% of post issued paid-up equity share capital of the company of Kaabil Finance Private Limited.

Kaabil Finance Private Limited is Rajasthan based Non-Banking Financial Company (NBFC) promoted by Ramavtar Meena. It was incorporated on 26th May, 2017 and got registered as NFBC on 18th September, 2017. The company is engaged in financing individuals for Secured Business Loans and Gold Loans.

Kaabil has three business models i.e. own sourcing, Co-lending for secured business loans and BC for gold loans

At present Kaabil is operating through network of 10 branches in state of Rajasthan, the bank said on Wednesday.

On Wednesday, DCB Bank closed at Rs86.75 apiece down by Rs1.4 or 1.59% on the BSE.