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Number of public sector banks in India are planning to tap the new issue market. Banks are in need for capital with new Basel II risk norms that they have to comply with by March 2006.
Dena Bank will be among the first public sector banks to go ahead with the second public issue. The only banks to have done second public issues so far are Syndicate Bank, Vijaya Bank. Dena Bank second public issue is at a price of Rs 27 per share. The issue will open on January 24 and close on 29th.
Banks like Bank of Baroda, Punjab National Bank, Bank of India, Oriental Bank of Commerce, Allahabad Bank, Indian Bank and Indian Overseas Bank are all planning public issues.
Bank of Baroda (BoB) is slated to raise over Rs 1,500 crore, in the first quarter of 2005-06.
Punjab National Bank is gearing up to issue up to 5 crore shares through a public offer, while Bank of India is planning to issue 10 crore shares.
Read more market news
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