Central Bank of India board okays Rs 3,353 cr fundraising via preferential equity to govt

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Shares of Central Bank of India closed 1.70 per cent higher at Rs 17.95 apiece on the BSE.

Central Bank of India on October 29 said its board of directors has approved to allot shares on a preferential basis to the government to raise up to Rs 3,353 crore. The capital raising committee of the board of directors at its meeting on Tuesday considered and approved raising of equity capital by issuance and allotment of up to 158,38,45,063 equity shares aggregating to Rs 3,353 crore to the Government of India on a preferential basis, it said in a regulatory filing.

The bank said the board approval is subject to the nod of the shareholders, Reserve Bank of India, Securities and Exchange Board of India and other statutory authorities.

Shares of Central Bank of India closed 1.70 per cent higher at Rs 17.95 apiece on the BSE. Get access to India’s fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code “GETPRO”. Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.