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Dena Bank has said that it will be selling over two crore shares to LIC on a preferential basis for raising amount of Rs 65 crore.
The bank said in a BSE filing that on March 23, the bank will hold an extraordinary general meeting to create, offer, issue and allot these equity shares.
“To raise capital by creating, offering, issuing and allotting up to 2,16,76,267 equity shares of face value of Rs 10 each to Life Insurance Corporation, on preferential basis, for cash at issue price of Rs 29.92 per share…aggregating up to Rs 65 crore,” it said further.
Presently, LIC is holding 11.63 percent stake in Dena Bank and after the acquisition of additional over two crore shares, the shareholding will be raised to 14.50 percent.
