Dena Bank to sell 60.5 lakh shares in 3 entities

Dena Bank will sell a cumulative 60,50,000 shares in three entities, including SIDBI, as part of the public sector banks' strategy to hive-off non-core assets.

The bank said it will be floating a request for quotation for purchase of equity shares in NSDL E-Governance Infrastructure Ltd, National Securities Depository Ltd (NSDL) and Small Industries Development Bank of India (SIDBI).

In NSDEL E-Governance, Dena Bank will sell 1.563 per cent of the total paid up equity capital representing 6,25,000 shares.

In NSDL, the lender will sell 4,00,000 shares (0.563 per cent); and 4,00,000 shares (1 per cent) respectively in two lots.

It will shed 0.90 per cent stake equivalent to 48,00,000 shares held in SIDBI.

Earlier in January this year, the public sector banks had adopted a reforms agenda under which they are to prune non-core businesses to become leaner and improve their balance sheets.

The objective is to deal with the issue of high non-performing assets in their books.

Stock of Dena Bank closed at Rs 15.05 on BSE, up 0.33 per cent from the previous close.