(5 July 2005 – India) Singapore bank DBS is set to take a 30 percent stake in Indian financial services company, Cholamandalam Investment & Finance Co.DBS will pay 1.86 billion Indian rupees for the stake, which will involve the company issuing new shares and buying a part stake in founding company, Tube Investments.
Tube currently holds 18.52 million shares in Cholamandalam.
It said it would sell 9.48 million shares, which is 25 percent, of the holding company to DBS at not less than 150 rupees a share.