DCB Bank plans to raise up to Rs 500 crore

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Private sector lender DCB Bank on Thursday said it plans to raise up to Rs 500 crore through equity or other instruments.

The decision was taken at the bank's board meeting on Thursday to approve the notice of the 25th annual general meeting that included considering a fundraising proposal.

The meeting, it said, considered enabling resolution for proposing raising of funds up to Rs 500 crore by way of issue of equity shares and other securities convertible into equity shares through qualified institutional placement, as may be required by the bank from time to time, DCB Bank said in a regulatory filing.

The fundraising is subject to necessary permissions and approvals, including shareholders' approval and such other statutory approvals as may be required, and the provisions of applicable law, it added.

DCB Bank's shares on Thursday closed 1.57 percent higher at Rs 74.55 apiece on the BSE.