Dena Bank raises over Rs 401 cr via QIP

Shares of the bank today closed 0.17% up at Rs 30.30 per unit on BSE

Public sector lender Dena Bank today said it has raised Rs 401.26 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 today approved the closure of the QIP today (October 13, 2017).

It approved the "issue price of Rs 29.30 per equity share, with a discount of 5 per cent or Rs 1.54 per equity share...for an aggregate value of Rs 401.26 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 Rs 1,800 crore within a period of one year in tranches.

Shares of the bank today closed 0.17 per cent up at Rs 30.30 per unit on BSE.