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DCB Bank fixes price at Rs 177.39 for QIP issue

Private sector DCB Bank has fixed the floor price at Rs 177.39 for its issue of shares to qualified institutions to raise Rs 400 crore. The Bank may offer a discount of 5 per cent on the floor price.

The infusion of up to Rs 400 crore will help it add up to 2 percentage points to the core capital buffer and the tier-I will go up to 13 per cent after the infusion.

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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