DCB Bank rose 4.15% to Rs 85.30 at 12:15 IST on BSE after the bank said that the bank's board at its meeting held on 10 October 2014, approved the issue and allotment of 3.04 crore shares to eligible qualified institutional buyers.
The bank made the announcement on Saturday, 11 October 2014.
Meanwhile, the BSE Sensex was down 133.59 points, or 0.51%, to 26,163.70.
On BSE, so far 90,236 shares were traded in the counter, compared with an average volume of 1.91 lakh shares in the past one quarter.
The stock hit a high of Rs 85.65 and a low of Rs 81.65 so far during the day. The stock hit a 52-week high of Rs 92.45 on 22 September 2014. The stock hit a 52-week low of Rs 46.60 on 10 October 2013.
The stock had outperformed the market over the past one month till 10 October 2014, falling 2.21% compared with Sensex's 2.81% decline. However, the scrip had underperformed the market in past one quarter, rising 2.7% as against Sensex's 3.64% rise.
The mid-cap bank has an equity capital of Rs 250.77 crore. Face value per share is Rs 10.
The bank's shares will be issued to QIBs at the issue price of Rs 82.15 per share, aggregating to Rs 250 crore.
The bank's Capital Raising Committee of the Board (CRC) at its meeting held on 8 October 2014 had approved the closure of the qualified institutional placement (QIP) on 8 October 2014. The QIP opened on 29 September 2014. The CRC had approved the issue price of Rs 82.15 per share which is at a discount of Rs 4.30 per share, to the floor price of Rs 86.45 per share, for the shares to be allotted to eligible QIBs in the QIP.
It may be recalled that DCB Bank's board of directors at its meeting on 15 April 2014, decided to raise an amount not exceeding Rs 300 crore, including issue of shares under QIP.
DCB Bank's net profit rose 4.2% to Rs 44.64 crore on 26.4% growth in total income to Rs 386.69 crore in Q1 June 2014 over Q1 June 2013.
DCB Bank is a modern emerging new generation private sector bank with 134 branches across 16 states and 2 Union Territories.
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