Bundles of Indian one hundred rupee bills are pictured at a bank in Mumbai (Photographer: Abhijit Bhatlekar/Bloomberg News)

DCB Bank Looks To Raise Rs 400 Crore Via QIP

Private sector DCB Bank set the floor price at Rs 177.39 for its issue of shares to qualified institutions to raise Rs 400 crore.

The capital raising committee of the bank at a meeting held on Monday authorised the qualified institution placement (QIP).

The bank may offer a discount of not more than 5 per cent on the floor price for the QIP, DCB Bank said in a stock exchange filing.

A senior official of the bank earlier in January this year said that infusion of up to Rs 400 crore will help it add up to 2 percentage points to the core capital buffer and the tier-I will go up to 13 per cent after the infusion.

Shares of DCB Bank closed 0.63 percent down at Rs 181.85 on BSE ahead of the announcement.