Dena Bank gains after fixing preferential allotment price

Dena Bank rose 1.74% to Rs 55.70 at 15:17 IST on BSE after the company said that it has fixed the issue price of Rs 60 per share for preferential allotment to Government of India.

The announcement was made during market hours today, 27 February 2015.

Meanwhile, the S&P BSE Sensex was up 490.15 points or 1.71% at 29,236.80.

On BSE, so far 1.38 lakh shares were traded in the counter as against average daily volume of 2.32 lakh shares in the past one quarter.

The stock hit a high of Rs 56.20 and a low of Rs 55 so far during the day. The stock had hit a 52-week high of Rs 94.40 on 9 June 2014. The stock had hit a 52-week low of Rs 51 on 6 February 2015.

The stock had underperformed the market over the past one month till 26 February 2015, sliding 6.73% compared with Sensex's 1.82% fall. The scrip had also underperformed the market in past one quarter, declining 7.2% as against Sensex's 1.27% rise.

The PSU bank has equity capital of Rs 537.82 crore. Face value per share is Rs 10.

Dena Bank said that the issue committee of board of directors of the company at its meeting held yesterday, 26 February 2015, fixed the issue price of Rs 60 per share to issue 2.33 crore equity shares to Government of India (GoI).

Dena Bank's net profit rose 12.9% to Rs 76.56 crore on 7.7% growth in total income to Rs 2867.32 crore in Q3 December 2014 over Q3 December 2013.

The GoI held 58.01% stake in Dena Bank (as per the shareholding pattern as on 31 December 2014).

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