Central Bank of India rises nearly 16% on raising Rs 3,353 cr

Central-Bank.

Shares of Central Bank of India rose nearly 16 percent intraday on October 30 after the company had approved fund raising worth Rs 3,353 crore.

The capital raising committee of the board of directors has considered and approved raising the equity capital by issuing equity shares worth Rs 3,353 crore, as per the company release.

The issue includes the allotment of upto 158,38,45,063 equity shares of the face value of Rs 10 each at the issue price of Rs 21.17 per equity share including premium of Rs 11.17 per equity share to President of India (Government of India) on preferential basis, subject to approval as may be required, of shareholders, RBI, stock exchanges & other statutory authorities (if any).

The capital raising committee has also decided to hold an extra-ordinary general meeting (EGM) of shareholders on November 26 to consider and pass the necessary special resolution and fixed October 27 as the relevant date for the purpose of determining the issue price.

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A meeting of the board of directors of the company is scheduled on November 1 to consider and approve unaudited financial results of the bank for the second quarter and the half year ended on September 30.

At 11:15 hrs, Central Bank of India was quoting at Rs 19.80, up Rs 1.85, or 10.31 percent, on the BSE.

News Source:- moneycontrol

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