Dena Bank receives shareholder approval to raise Rs 1,800 crore via QIP
DSIJ Intelligence / 28 Jun 2017
Mumbai-headquartered Dena Bank has received shareholder approval to raise up to Rs 1,800 crore through qualified institutional placements of shares as per the information filed by the company on stock exchanges on Tuesday after market hours.
Mumbai-headquartered Dena Bank has received shareholder approval to raise up to Rs 1,800 crore through qualified institutional placements of shares as per the information filed by the company on stock exchanges on Tuesday after market hours.
Post QIP there will be a dilution of stakes and the bank has to ensure that government’s holding which currently stands at 68.55 percent will not fall below 52 percent.
Dena Bank has been placed under prompt corrective action (PCA) by the Reserve Bank of India (RBI) owing to high net non-performing assets. The return on assets has deteriorated for Dena Bank.
Dena Bank has underperformed in the one year period and has delivered negative 10.55 percent returns.
BSE Bankex during the similar time frame has delivered nearly 31 percent returns.
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