Shares of Dena Bank gained nearly 3%, hitting the day's high at Rs89.30, after bank raises Rs151.24 crore by issuing shares to Life Insurance Corporation ( LIC) on preferential basis.
On receipt of contribution of Rs151.24 crore from LIC, the bank has allotted 1.66 crore (1,66,69,453) shares of the face value of Rs10 each at a premium of Rs80.73 to the insurer on preferential basis, the bank said.
Following the allotment, the government stake has come down to 55.24% from 58.01%.
Last year, the bank got a capital infusion of Rs539 crore from the government.
In 2010-11, the government provided capital support to the tune of Rs20,157 crore to public sector banks.
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On receipt of contribution of Rs151.24 crore from LIC, the bank has allotted 1.66 crore (1,66,69,453) shares of the face value of Rs10 each at a premium of Rs80.73 to the insurer on preferential basis, the bank said.
Following the allotment, the government stake has come down to 55.24% from 58.01%.
Last year, the bank got a capital infusion of Rs539 crore from the government.
In 2010-11, the government provided capital support to the tune of Rs20,157 crore to public sector banks.
....more info