Central Bank of India raises Rs 450 crores from Government of India

Central Bank of India has announced that Government of India, the major shareholder of the Bank, has subscribed a sum of Rs. 4,50,00,00,000/- (Rupees Four Hundred Fifty Crore Only), in Capital of the Bank, on March 31, 2010.

The Bank would allot Perpetual Non-Cumulative Preference Shares (PNCPS) at an Annual Floating Coupon to be bench-marked to Repo Rate with a spread of 100 basis points to be re-adjusted annually, based on the prevailling Repo Rate on the relevant date.

The abovesaid PNCPS to be issued to the Government of India are not transferable and are not dealt with the Stock Exchanges and accordingly, shall not be traded and /or listed.

The said issues are made as per the guidelines issued by Reserve Bank of India.

The stock was trading at Rs.147.55, up by Rs.2.80 or 1.93%. The stock hit an intraday high of Rs.148.90 and low of Rs.146.

The total traded quantity was 74098 compared to 2 week average of 78455.

Source : Equity Bulls

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