Central Bank of India approves preferential issue to LIC

The Capital Raising Committee of the Board of Directors of Central Bank of India considered and approved raising of additional equity capital by issuance and allotment of, upto 8,28,90,000 equity shares of the face value of Rs. 10/- each at the issue price of Rs. 75.55 per equity share determined as per SEBI (ICDR) Regulations aggregating^ Rs. 626,23,39,500.00 (Rupees Six Hundred Twenty Six Crore, Twenty Three Lac, Thirty Nine Thousand, Five Hundred only), to Life Insurance Corporation of India on preferential basis, subject to approval of Government of India, Reserve Bank of India, shareholders and other statutory authorities (if any).

The Capital Raising Committee of the Board of Directors has also decided to hold an Extra-Ordinary General Meeting (EGM) of shareholders on December 30, 2014 to consider and pass the necessary Special Resolution and fixed November 28, 2014 as the Relevant Date for the purpose of determining the Issue Price as per SEBI (ICDR) Regulations, 2009.

Shares of CENTRAL BANK OF INDIA was last trading in BSE at Rs.79.6 as compared to the previous close of Rs. 80.05. The total number of shares traded during the day was 181145 in over 1970 trades.

The stock hit an intraday high of Rs. 80.5 and intraday low of 78.9. The net turnover during the day was Rs. 14472972.

Source : Equity Bulls

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