INSUBCONTINENT EXCLUSIVE:
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.
