Public sector lender Central Bank of India has received its board’s approval to raise over Rs 165 crore by issuing additional equity shares to insurance giant Life Insurance Corporation of India (LIC) on preferential basis. The company’s board has considered and approved raising of additional equity capital by issuance and allotment of up to 3,14,41,088 equity shares of the face value of Rs 10 each at the issue price of Rs 52.66 per equity aggregating to Rs 165,56,87,694.08 to LIC.
Besides, the bank has sought approval from government for raising additional equity capital by conversion of entire 5,830 innovative perpetual debt instruments of the face value of Rs 10 lakh each aggregating to Rs 583 crore held by government into equity shares to be issued and alloted to the government on preferential basis.
Also, the bank has sought approval to raise the additional equity capital of a sum as may be sanctioned by government by issuing and allotment of equity shares to government on preferential basis.
Company Name | CMP |
---|---|
SBI | 829.90 |
Canara Bank | 118.90 |
Bank Of Baroda | 270.70 |
PNB | 125.05 |
Union Bank Of India | 146.65 |
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