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Central Bank of India to raise up to Rs6,500 crore this fiscal

LiveMint logoLiveMint 23-05-2017 PTI

New Delhi: Central Bank of India will raise up to Rs 6,500 crore this fiscal through various means, including preferential issue or follow on public offer.

The board of directors at a meeting held on Tuesday approved the proposal pending approval from shareholders to raise the equity capital of up to Rs6,500 crore during 2017-18, Central Bank of India said in a regulatory filing.

The public-sector lender said the money can be raised through various modes such as preferential issue, qualified institutional placement (QIP), rights issue, follow on public offer.

The matter will be put before the shareholders at the ensuing annual general meeting to be held on 30 June.

Stock of Central Bank of India closed 4% down at Rs 109.20 on BSE.

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