DCB Bank share price gained over 5% today after the lender decided to raise Rs 500 crore by issuing equity shares. Share price of DCB Bank gained up to 5.52% to Rs 77.45 against previous close of Rs 73.40 on BSE. The small cap share has gained 9.23% in last five sessions.
DCB Bank stock closed 1.57% higher at Rs 74.55 on BSE. Market cap of the bank rose to Rs 2,314 crore.
The share stands higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.
The stock has lost 68% during last one year and fallen 56.58% since the beginning of this year. Total 3 lakh shares changed hands amounting to turnover of Rs 2.26 crore. The share hit 52 week high of Rs 244.60 on June 25, 2019 and 52 week low of Rs 58.10 on May 26 this year.
The bank in a communication to BSE said, "With reference to the captioned matter, the Stock Exchanges are hereby informed that the Board of Directors of DCB Bank Limited (the Bank), at its meeting held today, has, inter alia, approved the notice of the 25th Annual General Meeting which includes considering an enabling resolution for proposing to the members of the Bank, raising of funds up to Rs 500 crore by way of issue of equity shares / other securities convertible into equity shares through Qualified Institutions Placement, as may be required by the Bank from time to time.
The fund raising 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."