Dena Bank will sell a cumulative 60.5 lakh shares in three entities, including SIDBI, as part of the public sector bank’s strategy to hive off non-core assets.
The bank said it will float a request for quotation for purchase of equity shares in NSDL E-Governance Infrastructure Ltd., National Securities Depository Ltd. and Small Industries Development Bank of India
In NSDL E-Governance, Dena Bank will sell 1.563 percent of the total paid up equity capital representing 6,25,000 shares. In NSDL, the lender will sell 4,00,000 shares (0.563 percent); and 4,00,000 shares (1 percent) respectively in two lots. It will shed 0.90 percent stake. equivalent to 48,00,000 shares, in SIDBI.
In January this year, public sector banks had adopted a reforms agenda under which they will prune non-core businesses to become leaner and improve their balance sheets. The objective is to deal with the issue of high non-performing assets in their books.
The Dena Bank stock closed at Rs 15.05 on BSE, up 0.33 percent from its previous close.