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Tuesday, June 28, 2011

DFCC invests Rs. 1.3 b more in Vardhana Bank

Pioneering development finance institution DFCC Bank has invested Rs. 1.3 billion in commercial bank venture DFCC Vardhana Bank (DVB).

DFCC said yesterday that its stake in DVB has been increased to 99.01% from the previous level of 98.94%. The latest increase is following DFCC subscribing to rights issue of DVB of 1 for 5 and additional shares for the rights not taken up by other shareholders.

DFCC also said that total investment in DVB now stands at Rs. 3.62 billion.

At end 31 March, 2010 financial year, DFCC held 95.6% with an investment of Rs. 2.286 billion.
In April 2011 DFCC got Monetary Board approval to acquire up to 100% of DFCC Vardhana Bank and to functionally manage DVB. This is to help DFCC and DVB to further enhance synergy and operate as a single economic entity in the future.

source - www.ft.lk