Doha: The initial public offering (IPO) of India's Dena Bank is opening today, Doha Bank's India Desk announced yesterday. The IPO is priced at Indian Rs27, the face value of each share being Rs10 and Rs17 being the premium. The IPO is open for non-resident Indians (NRIs).
A nationalised Indian bank, Dena Bank is offering 80 million shares via the current primary issue, which closes on January 29.
Dena Bank was set up in 1938 with headquarters in Mumbai, India's financial nerve-centre. Its assets today total Indian rupees equivalent of about $6bn. Up to September last year customer deposits of the bank amounted to Indian rupees equivalent of more than $4.5bn, while net profits up to March 31, 2004 were more than $50m.
Dena Bank as a network of 1,143 branches spread across India. The figure was up to September last year. Ninety per cent of the bank's branches are computerised.
According to a release issued by Doha Bank's India Desk, Dena Bank has in its document offer justified the IPO price since the market expects a strong demand for the issue. There is a special reservation of 10 per cent of the issue for NRIs and foreign institutional investors (FIIs) applying on repatriation basis. The minimum number of shares to be applied for is 200 and in multiples of 200 thereafter. Subscription forms are available with Doha Bank's Indian Desk. Filled in forms are to reach Doha Bank's India Desk by January 26.
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? The Peninsula 2005
