Central Bank of India fixes conversion price as Rs. 105.09

The Board of Directors of the Bank had earlier considered and approved raising of additional equity capital by conversion of entire Perpetual Non-Cumulative Preference Shares (PNCPS) of Rs. 1617.00 crore (161,70,00,000 PNCPS of the face value of Rs. 10.00 each) held by Government of India (GOI), into equity shares to be issued and allotted to GOI on Preferential Basis, at such conversion price including premium as may be determined as per SEBI ICDR Regulations subject to approval of Shareholders and other statutory authorities as may be required.

The Board of Directors had also fixed February 20, 2015 as the Relevant Date for the purpose of determining the Conversion Price as per SEBI (ICDR) Regulations, 2009. Further, an Extra-Ordinary General Meeting (EGM) of shareholders was also fixed to be held on March 24, 2015 at 11:00 A.M. at Sir Sorabji Pochkhanawala Banker's Training College, Near Cooper Hospital/Reliance Energy Office, JVPD Scheme, Vile Parle (West), Mumbai - 400 056, to consider and pass the necessary Special Resolution.

Further to above, the Capital Raising Committee of the Board at its meeting held on February 20, 2015 being the Relevant Date, has fixed the conversion price of Rs.105.09 per equity share (including premium of Rs.95.09 per equity share) determined as per Regulation 76(1) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009. Total no. of shares to be offered to Government of India will be, upto 15,38,68,113 equity shares.

Shares of CENTRAL BANK OF INDIA was last trading in BSE at Rs.106.25 as compared to the previous close of Rs. 104.95. The total number of shares traded during the day was 417500 in over 1634 trades.

The stock hit an intraday high of Rs. 107.75 and intraday low of 104.45. The net turnover during the day was Rs. 44359629.

Source : Equity Bulls

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