India: Dena Bank launches QIP to raise $276m

India: Dena Bank launches QIP to raise $276m

Photo: Priyanka Parashar/Mint

State-run Dena Bank said on Tuesday said that it had launched a qualified institutional placement (QIP) of shares to raise as much as Rs1,800 crore from institutional investors.

On 27 June, the bank’s shareholders had approved a plan to raise funds through a QIP, a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities other than warrants that are convertible into stocks, to a qualified institutional buyer.

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