State-run Central Bank of India is in the process of raising Rs 660 crore through conversion of perpetual non-cumulative preference shares (PNCPS) held by the government into equity shares. PNCPS are non-equity instruments which do not qualify to be counted for Tier-l capital of the banks. In the current fiscal, the bank has raised Rs 1,208 crore in two tranches from Life Insurance Corporation of India (LIC) by allotting shares on a preferential basis.
Earlier this month, the bank had raised Rs 626 crore by allotting over 8.28 crore shares to the life insurer on a preferential basis.
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).
