Home >Market >Stock-market-news >Dena Bank raises over Rs401 crore via QIP
The fundraising is part of Dena Bank’s June annual general meeting, in which it had decided to raise a sum of up to Rs1,800 crore within a period of one year in tranches. Photo: Mint (Mint)
The fundraising is part of Dena Bank’s June annual general meeting, in which it had decided to raise a sum of up to Rs1,800 crore within a period of one year in tranches. Photo: Mint (Mint)

Dena Bank raises over Rs401 crore via QIP

Dena Bank said it has raised Rs401.26 crore by issuing equity shares at Rs29.30 per share through qualified institutional placement (QIP) route

New Delhi: Public sector lender Dena Bank on Friday said it has raised Rs401.26 crore by issuing equity shares through qualified institutional placement (QIP) route.

The issue committee of the board of directors of the bank at the meeting held Friday approved the closure of the QIP today (13 October 2017).

It approved the “issue price of Rs29.30 per equity share, with a discount of 5% or Rs1.54 per equity share...for an aggregate value of Rs401.26 crore, to be allotted to eligible qualified institutional buyers (QIBs) in the QIP," the bank said in a regulatory filing.

Earlier this week, the bank had informed about price fixation for this QIP. This is part of the bank’s June annual general meeting, in which it had decided to raise a sum of up to Rs1,800 crore within a period of one year in tranches.

Shares of the bank Friday closed 0.17% up at Rs30.30 per unit on BSE.

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