July 11, Colombo: National Development Bank PLC (NDB) has increased its stake in the Capital Development and Investment Company PLC (CDIC).

NDB, which had 75.8 percent of the stated capital of CDIC, has purchased 10,461,842 shares representing the 23.86 percent shareholding held by the Bank of Ceylon through a crossing for a price of Rs. 11 per share. With the particular transaction in place, NDB has increased its stake to 99.66 percent in CDIC, which is a venture capital investment firm based in Colombo.