Public sector lender Central Bank of India is planning to come out with a Rs 2,500 crore rights issue in the January-March quarter this fiscal, the bank's top boss said today.
"It (Rights issue) would happen sometime in next quarter," Central Bank of India CMD S Sridhar said on the sidelines of a seminar organised by the Finance Ministry here.
The government has already approved rights issue for Central Bank of India in June this year. However, it is awaiting RBI's approval for the rights issue.
Meanwhile, it has appointed six merchant bankers for the issue. Government currently holds 80.2 per cent stake in the bank and therefore it will have to subscribe an equal amount in the proposed rights issue when it hits the market.
The Central Bank of India share was trading at Rs 199.45, up by 5.33 per cent on the Bombay Stock Exchange.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app