Dena Bank looks to raise up to Rs 1,800 cr via QIP

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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 floor price of Rs 30.73 per share, Dena Bank said in a regulatory filing.

The bank may at its discretion offer a discount of up to 5 per cent on the floor price in the qualified institutional placement (QIP), it said.

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 in a 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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