Dena Bank climbs 5% as bank decides to sell non-core assets

NEW DELHI: Shares of Dena Bank climbed over 5 per cent in Wednesday's trade after the lender sold a cumulative 60,50,000 shares in three entities, including SIDBI.

The move is seen as a part of the public sector bank’s strategy to hive off non-core assets.

The stock rose 5.31 per cent to hit a high of Rs 15.85 on BSE.


In a filing to BSE, the bank said it would be floating a request for quotation for purchase of equity shares in NSDL E-Governance Infrastructure, 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, it said.

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.

Earlier in January this year, the state-run had adopted reforms agenda under which they are to prune non-core businesses to become leaner and improve their balance sheets, PTI reported.