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BUSINESS
Shares of Central Bank of India closed at Rs 66.05 apiece on BSE, up 2.24% from previous close.
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Updated : Mar 21, 2018, 04:26 AM IST
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Public sector lender Central Bank of India on Wednesday said its board has approved raising over Rs 165 crore by issuing additional equity shares to insurance giant LIC on preferential basis.
The board of directors at its meeting held today "considered and approved raising of additional equity capital by issuance and allotment of up to 3,14,41,088 equity shares of the face value of Rs 10 each at the issue price of Rs 52.66 per equity aggregating to Rs 165,56,87,694.08 to LIC", it said in a BSE filing.
Besides, the bank informed that it has sought approval from government for raising additional equity capital by conversion of entire 5,830 innovative perpetual debt instruments of the face value of Rs 10 lakh each aggregating to Rs 583 crore held by government into equity shares to be issued and alloted to the government on preferential basis.
Also, the bank has sought approval to raise the additional equity capital of a sum as may be sanctioned by government by issuing and allotment of equity shares to government on preferential basis. Shares of Central Bank of India closed at Rs 66.05 apiece on BSE, up 2.24% from previous close.
