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Dena Bank to sell Rs 65 cr stakes to LIC

Dena Bank will sell over two crore shares to LIC on a preferential basis to raise a sum of Rs 65 crore. In a BSE filing, the bank said it will raise capital by creating, offering, issuing and allotting up to 2,16,76,267 equity shares of face value of Rs 10 each to Life Insurance Corporation, on preferential basis, for cash at issue price of Rs 29.92 per share aggregating up to Rs 65 crore. Currently LIC holds 11.63% stake in Dena Bank and after the acquisition of additional over two crore shares, the shareholding will be raised to 14.50%. The share sale will bring down the government’s equity in the bank to 62.89% from 65%. The bank also said the government’s shareholding will not fall below 51% and there would not be any change in the control.

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