Dena Bank plans Rs 1,800 cr fund raise via QIP

Public sector lender Dena Bank plans to raise up to Rs 1,800 crore through a qualified institutional placement.

At its annual general meeting held today, shareholders voted on the proposal of creating, offering, issuing and allotting equity shares up to Rs 1,800 crore in a QIP, the bank said in a regulatory filing.

"The Issue Committee of the Board will consider various aspects to decide the time, number of shares to be issued, number of tranches," it added.

Dena Bank said it may raise the capital within a period of one year upon getting shareholders' approval.

Stock of the bank today closed 0.90 per cent up at Rs 33.60 on BSE.