 "Dena Bank surges on fund raising plans")
Dena Bank has surged 13% to Rs 47.70 on the BSE on back of heavy volumes after the state-owned bank announcing fund raising plans.
“The board of directors of the bank will meet on December 3, 2015, to raise AT1 capital up to an amount of Rs 1,500 crore and Tier 2 capital up to an amount of Rs 1,000 crore in one or more tranche, in one or more instruments,” Dena Bank said in a filing.
The board will also consider to raise equity capital of the bank by diluting government of India (GOI) holding up to 52%, on obtaining necessary approval from GOI, it added.
At 15:18 AM, the stock was up 8% at Rs 45.30 on the BSE. A combined 7.18 million shares changed hands on the counter as against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.
“The board of directors of the bank will meet on December 3, 2015, to raise AT1 capital up to an amount of Rs 1,500 crore and Tier 2 capital up to an amount of Rs 1,000 crore in one or more tranche, in one or more instruments,” Dena Bank said in a filing.
The board will also consider to raise equity capital of the bank by diluting government of India (GOI) holding up to 52%, on obtaining necessary approval from GOI, it added.
At 15:18 AM, the stock was up 8% at Rs 45.30 on the BSE. A combined 7.18 million shares changed hands on the counter as against an average sub one million shares that were traded daily in past two weeks on the BSE and NSE.