Centurion Bank of Punjab to raise Rs.500 Crores through QIP offering

Centurion Bank of Punjab Ltd has announced that the Board of Directors of the Bank on July 02, 2007 has passed a resolution to raise Tier I capital up to Rs 500 crores. This will be done through an issue of equity shares via a Qualified Institutional Placement (QIP) offering.

This approval is subject to shareholder, regulatory and statutory approvals as applicable. The approval of the shareholders is proposed to be taken at the next Annual General Meeting of the Bank to be held on August 03, 2007.

The stock closed the day at Rs.40.15. The stock hit an intraday high of Rs.41.50 and low of Rs.40. The total traded quantity was 314818 compared to 2 week average of 329271.

Source : Equity Bulls

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