Dena Bank to raise Rs 1,800 cr via QIP

Public sector Dena Bank plans to mop up Rs 1,800 crore via qualified institutional placement (QIP) of shares.
The bank will place the proposal to "create, offer and allot equity shares up to Rs 1,800 crore at such an issue price to be determined by the Issue Committee of the Board as QIP" before shareholders at the annual general meeting to be held on June 27.
The bank said it will raise the capital in one or more tranches by issuing various tier-I and II instruments.
Dena Bank stock closed 0.15 per cent down at Rs 34.05 on BSE.