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Central Bank of India to raise Rs 626.23 crore from preferential issue to LIC

04 Dec 2014 Evaluate

Central Bank of India is planning to raise Rs 626.23 crore through preferential allotment of shares to country’s largest insurer LIC to fund business growth. The capital raising committee of the board has approved raising of additional equity capital by issuance of up to 8.28 crore shares of the face value of Rs 10 each at the issue price of Rs 75.55 per equity share.

Central Bank of India has been serving more than 3,50,00,000 account holders through its 4,400 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).

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