DBS Bank

DBS bought by Murugappa group in NBFC venture

DBS bought by Murugappa group in NBFC venture

It has appeared that entire 37.48 per cent stake of the Singapore-based DBS Bank, is to be bought back by its partner the Murugappa group in their joint venture, Chola DBS Finance, for Rs 376 crore.

A rise to 74.96 per cent would be seen in the Murugappa group's holding in the non-banking finance company Chola DBS Finance. A sum of Rs 150 crore and Rs 226 crore would be offered by Tube Investments and Ambadi Estate Private, group companies of Murugappa Group respectively to purchase DBS.