Dena Bank to raise Rs 1,300 cr through share sale
Dena Bank is planning to raise Rs 1,300 crore capital over the next three years, of which Rs 600 crore will be raised by March.
By PTI |
MUMBAI: State-run Dena Bank looks to raise Rs 1,300 crore capital over the next three years, of which Rs 600 crore will be raised by March, a top official said today.
Of the total capital proposed to raise, Rs 300 crore will be through equity route and the rest Rs 1,000 crore will be raised by way of preferential share issue, Dena Bank Chairman and Manging Director D L Rawal told reporters here.
Government stake in the bank will increase to 58.9 per cent from 51 per cent upon the equity infusion.
The bank also plans to consider a follow-on-public issue after the equity infusion, enabling the government to bring down stake, Rawal said.
As on September 30, the bank's capital adequacy ratio stood at 11.59 per cent and 13.26 per cent for tier-I and tier-II norms, respectively.
The bank expects to achieve a 24 per cent credit growth over the next three years after augmenting its capital base, Rawal said.
Of the total capital proposed to raise, Rs 300 crore will be through equity route and the rest Rs 1,000 crore will be raised by way of preferential share issue, Dena Bank Chairman and Manging Director D L Rawal told reporters here.
Government stake in the bank will increase to 58.9 per cent from 51 per cent upon the equity infusion.
The bank also plans to consider a follow-on-public issue after the equity infusion, enabling the government to bring down stake, Rawal said.
As on September 30, the bank's capital adequacy ratio stood at 11.59 per cent and 13.26 per cent for tier-I and tier-II norms, respectively.
The bank expects to achieve a 24 per cent credit growth over the next three years after augmenting its capital base, Rawal said.
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