Central Bank of India to issue shares to LIC on preferential basis

The Capital Raising Committee of the Board of Directors of Central Bank of India have considered and approved raising of additional equity capital by issuance and allotment of, upto 8,28,90,000 equity shares of the face value of Rs. 10/- each at the issue price of Rs. 75.55 per equity share determined as per SEBI (ICDR) Regulations aggregating to Rs. 626,23,39,500.00 (Rupees Six Hundred Twenty Six Crore, Twenty Three Lac, Thirty Nine Thousand, Five Hundred only), to Life Insurance Corporation of India on preferential basis, subject to approval of Government of India, Reserve Bank of India, shareholders and other statutory authorities (if any).

The Capital Raising Committee of the Board of Directors also decided to hold an Extra-Ordinary General Meeting (EGM) of shareholders on December 30, 2014 to consider and pass the necessary Special Resolution and fixed November 28, 2014 as the Relevant Date for the purpose of determining the Issue Price as per SEBI (ICDR) Regulations, 2009.

Shares of CENTRAL BANK OF INDIA was last trading in BSE at Rs.80.1 as compared to the previous close of Rs. 80.85. The total number of shares traded during the day was 127734 in over 1317 trades.

The stock hit an intraday high of Rs. 80.85 and intraday low of 79.05. The net turnover during the day was Rs. 10216295.

Source : Equity Bulls

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