Central Bank of India Board to consider raising of Equity Capital by way of preferential allotment

A meeting of the Capital Raising Committee of the Board of Directors of Central Bank of India will be held on April 12, 2017 to consider and approve raising of equity capital by conversion of entire IPDI capital of Rs. 583.00 crore (5,830 IPDI of Rs. 10.00 lac each) held by Government of India, by issuance and allotment of equity shares of the face value of Rs. 10/- each at such conversion price including premium per equity share as may be determined as per SEBI (ICDR) Regulations, to President of India (Government of India) on preferential basis subject to approval of shareholders and other statutory authorities (if any).

The Capital Raising Committee of the Board of Directors may also decide to hold an Extra-Ordinary General Meeting (EGM) of shareholders on May 11, 2017 to consider and pass the necessary Special Resolution and may also fix April 11, 2017 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.102.3 as compared to the previous close of Rs. 103.65. The total number of shares traded during the day was 67984 in over 571 trades.

The stock hit an intraday high of Rs. 105.4 and intraday low of 102. The net turnover during the day was Rs. 7034892.

Source : Equity Bulls

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