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DCB Bank raises Rs 378.80 crore through QIP

Private lender DCB Bank has raised Rs 378.80 crore through an issue of shares to qualified institutional investors on private placement basis. The bank offered 21,770,000 equity shares to qualified institutions buyers under the qualified institutional placement (QIP) at an issue price of Rs 174 per share.

The infusion of up to Rs 400 crore through the QIP will help the bank to add up to 2 percentage points to the core capital buffer.

The Bank had reported a lower net profit of Rs 53 crore for the fourth quarter ended March 2017, on higher provisioning and higher tax expense. The Bank had recorded a profit of Rs 70 crore in the same quarter last fiscal.

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