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Central Bank of India gets nod to raise to Rs 3,000 crore

01 Jul 2016 Evaluate

Central Bank of India is planning to raise to Rs 3,000 crore by various means, including follow-on public offer and rights issue. In this regard, the bank has received its shareholders’ approval at the meeting held on June 30, 2016. The State-owned bank may raise the capital in one or more tranches and the issue would include a qualified institutional placement.

The bank reported a net loss of Rs 898.04 crore for the quarter ended March 31, 2016 as compared to a net profit of Rs 174.29 crore for the corresponding quarter of the previous year. Its total income declined by 8.33% to Rs 6711.88 crore for the quarter under review from Rs 7321.50 crore for the quarter ended March 31, 2015.

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