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Our Bureau

Mr A.K. Khandelwal

Chennai , Feb. 4

THE Dena Bank public offer was oversubscribed 12 times, Mr Anil Khandelwal, Chairman and Managing Director, said. About Rs 2,600 crore was collected.

Both retail and FII participation were strong. 5,22,000 retail applications were received. About 70 per cent of the applications were from Maharashtra and Gujarat where the bank has a strong presence.

Around 10 foreign institutional investors had entered the stock now. "These investors are getting in because of the potential they see in the bank, and because it is a turnaround story," Dr Khandelwal said.

As part of its information technology initiatives, the bank had recruited 60 engineers, he said. The bank had also recently hired 300 officers belonging to various specialisations - accounting, agriculture, law etc.

Asked about the consolidation exercises in the banking sector, Mr Khandelwal said "ease of implementation" should be the guiding factor. He said that "graded mergers" could be a possible option. In the first phase, regional consolidation could be aimed at, and then there could be mega mergers, he said.

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