DCB Bank gains on closure of QIP issue

The Capital Raising Committee of the Board annouced the closure of the QIP

Shares of DCB Bank were trading 3% higher at Rs 83 after the bank's Capital Raising Committee of the Board (CRC), at its meeting held on October 08, 2014, annouced the closure of the qualified institutional placement (QIP) after receiving the subscription.

The CRC also approved the issue price of Rs. 82.15 per equity share, which is at a discount of Rs. 4.30 per equity share, to the Floor Price of Rs. 86.45 per Equity Share, for the Equity Shares to be allotted to eligible qualified institutional buyers in the QIP.

The stock opened at Rs 81.40 and touched a high of Rs 83.35 till now. Over 360,000 shares were traded on both the stock exchanges so far.