India: DCB Bank and Annapurna Microfinance Company Seal Equity Deal

Mar 2016
India, March, 03 2016 - DCB Bank Limited today announced it has acquired an equity stake of 5.81 per cent for Rs 9.99 crore in its long standing business partner Annapurna Microfinance Private Limited.

Annapurna is regarded as a growing and successful microfinance institution focused primarily in rural locations in Odisha, Chhattisgarh and Madhya Pradesh. Similarly, DCB Bank has 14 branches in Odisha, six branches in Chhattisgarh and 14 branches in Madhya Pradesh.

The announcement regarding the equity deal was made jointly by DCB Bank and Annapurna Microfinance, a bank statement here said.

On the occasion, Murali M Natrajan, MD and CEO of DCB Bank said Annapurna and DCB Bank had a long and fruitful relationship since the microfinance institution's inception.

"The initiative of acquiring a strategic equity stake in Annapurna further strengthens our business partnership. DCB Bank has a meaningful presence in microfinance segment, which helps to achieve its financial inclusion goals," he said.

Gobinda Pattnaik, Managing Director of Annapurna Microfinance, said "Our long standing business relationship with one of our most valuable banking partner is taking a new shape by way of us becoming equity partners. This capital infusion is a mandate for growth."

"It will help in striving forward to achieve our goal of serving the financially undeserved," he said.


Research Analysis Tools

The fund indexes, institution benchmarks and other market information displayed here are all Symbiotics designed analysis tools, created in-house by our analysts and experts. Symbiotics has one of the oldest track records in microfinance investment analysis dating back to the late 1990s; its indexes and benchmarks have been regularly used as markers by investors, asset managers, financial institutions and practitioners. These, as well as several other research products, are available through the Research Account. Click on the link below to find out more.

Learn More