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Dena Bank firms up on getting capital infusion of Rs 700 crore from GOI

27 Dec 2013 Evaluate

Dena Bank is currently trading at Rs. 63.10, up by 1.50 points or 2.44% from its previous closing of Rs 61.60 on the BSE.

The scrip opened at Rs 62.60 and has touched a high and low of Rs 64.00 and Rs 62.60 respectively. So far 465545 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 128.00 on 07-Jan-2013 and a 52 week low of Rs 41.85 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs 62.25 and Rs 56.25 respectively. The current market cap of the company is Rs 2954.79 crore.

The promoters holding in the company stood at 55.24% while Institutions and Non-Institutions held 15.85% and 28.91% respectively.

Dena Bank has received capital infusion of Rs 700 crore from the Government of India (GOI) towards issuance and allotment of equity shares on preferential basis. Post capital infusion, the paid-up capital share capital of the bank has increased from Rs 350.05 crore to Rs 468.64 crore and GOI’s holding in the bank has increased from 55.24% to 66.57%.

Earlier, shareholders of the bank, at an extraordinary general meeting on December 24, passed a special resolution authorizing the issuance of 11,85,83,770 equity shares of Rs 10 each to Government of India (GOI) on preferential allotment basis at a price of  Rs. 59.03 per equity share (including a premium of Rs. 49.03 per share). 

Shareholders of Dena Bank have also passed a special resolution authorizing the bank to access capital market for raising capital upto the extent of Rs 800 crore (including premium) by issuing equity shares by way of Qualified Institutional Placement (QIP) in one or more tranches.

Peers
Company Name CMP
SBI 1063.20
PNB 110.75
Canara Bank 138.90
Bank Of Baroda 275.85
Union Bank Of India 184.70
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