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Dena Bank sets floor price for QIP

India's Dena Bank has set the floor price of its proposed qualified institutional placement at 30.73 rupees per share.

The lender plans to raise up to 18 billion rupees through a share sale. The offer opened Oct. 10, the bank said in a same-day stock exchange filing, adding that it may offer a discount of up to 5% on the floor price.

The bank will close the offer and determine the issue price Oct. 13.

As of Oct. 11, US$1 was equivalent to 65.16 Indian rupees.