Dena Bank rose 8.42% to Rs 45.70 at 15:14 IST on BSE after the bank said its board will meet on Thursday, 3 December 2015, to consider raising funds.
The announcement was made during trading hours today, 1 December 2015.
Meanwhile, the BSE Sensex was up 42.45 points, or 0.16%, to 26,188.12.
On BSE, so far 12.24 lakh shares were traded in the counter, compared with an average volume of 1.01 lakh shares in the past one quarter.
The stock hit a high of Rs 47.70 and a low of Rs 41.80 so far during the day. The stock hit a 52-week high of Rs 64.45 on 2 January 2015. The stock hit a 52-week low of Rs 38.50 on 18 September 2015.
The stock had outperformed the market over the past one month till 30 November 2015, rising 0.36% compared with 1.92% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 2.66% as against Sensex's 0.93% decline.
The small-cap company has an equity capital of Rs 645.26 crore. Face value per share is Rs 10.
Dena Bank said its board will consider raising AT1 capital upto an amount of Rs 1500 crore in one or more tranche, in one or more instruments. The board will also consider raising Tier 2 capital upto an amount of Rs 1000 crore in one or more tranche, in one or more instruments.
Further, the board will consider raising equity capital of the bank by diluting Government of India (GOI) holding upto 52%, on obtaining necessary approval from GOI.
As on 30 September 2015, the government held 65% stake in Dena Bank.
Dena Bank's net profit fell 24.9% to Rs 38.76 crore on 0.5% decline in operating income to Rs 2872.08 crore in Q2 September 2015 over Q2 September 2014.
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