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Shares of Dena Bank rose on share sale to institutions. The stock jumped as much as 4.3 per cent to Rs 31.80, its highest level since September 26.
The stock posted its biggest intraday percentage gain since September 22. The stock was down 6.6 per cent this year as of Tuesday's close.
State-owned Dena Bank is planning to raise up to Rs 1,800 crore through private placement of shares to institutional investors. The issue committee of the bank has fixed a floor price of Rs 30.73 per share, Dena Bank said in a regulatory filing today.
The bank may at its discretion offer a discount of up to 5 per cent on the floor price. However, it did not specify the number of shares to be offered for the QIP or the total amount to be raised from the share sale. The QIP will close on October 13.
After the annual general meeting in June this year, the bank had said shareholders had voted on the proposal of creating, offering, issuing and allotting shares of up to Rs 1,800 crore via QIP.
“The issue committee of the board will consider various aspects to decide the time, number of shares to be issued and number of tranches,” it had said.
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