Dena Bank Slots Rs 180cr Issue For October

The issue is expected to be offered at a premium of Rs 20 per share and would hit the market by the end of October or early November this year. The decision was taken at a meeting of chief managers of the bank held at the zonal office yesterday, sources in the bank said.

The bank, the sources said, would await the half-yearly results before taking a final view of the date of the public issue. This is so, because the bank wants to get the half-year results under its belt before going to the investors.

The capital raising plan would involve issuing 6 crore equity shares at a price of Rs 30 per share, in marketable lots of 200 shares. ``However, the bank would obviously wait for the Securities and Exchange Board of India and government clearance before going public,'' sources attending the meeting said.

Dena Bank and Bank of India are the only banks which have been allowed to write off their losses against their capital.