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.
