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Central Bank of India Rises on Fund Raising Plan

Shares of the Central Bank of India more than 2% at Rs 67.55 on the BSE after the bank announced that a special committee of the Board has approved to raise funds by issuing shares.

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Central Bank of India said that the growth of the Committee of Directors of the Bank at its meeting on Capital March 2, 2016, approved to raise additional capital through the issuance and placement of up to 3,14 Crore shares with a par value of Rs 10 each at the price of Rs 52.66 per share placing equity aggregating Rs 165.56 crore life insurance Corporation (LIC) of India on a preferential basis, subject to approval by the government of India, Reserve Bank of India, the shareholders and other statutory bodies (if any).

In addition, the Committee also noted that the bank aims to Government of India approval (GOI) claimed to raise additional capital by converting all 5,830 Innovative Perpetual Debt Instruments (of IPDI) of the nominal value of Rs 10 lakh each, aggregating Rs 583 crore held by the GOI in the stocks that they will be issued and allocated to the GOI on preferential basis.

At 11:32, the stock rose 2% at Rs 67,58 BSE. Combined 7 lakh shares changed hands on the counter on BSE and NSE so far.

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