CBI gains after board approves fund raising proposal

Central Bank of India rose 0.84% to Rs 101.70 at 10:30 IST on BSE after bank's Capital Raising Committee of the board approved the proposal to raise Tier I capital upto Rs 5000 crore in one or more tranches during FY 2016 through various modes.

The announcement was made after market hours yesterday, 4 June 2015.

Meanwhile, the BSE Sensex was down 8.63 points, or 0.03%, to 26,804.79.

On BSE, so far 10,325 shares were traded in the counter, compared with an average volume of 4.96 lakh shares in the past one quarter.

The stock hit a high of Rs 101.85 and a low of Rs 100.55 so far during the day. The stock hit a 52-week high of Rs 121 on 24 May 2015. The stock hit a 52-week low of Rs 58.05 on 7 October 2014.

The stock had underperformed the market over the past one month till 4 June 2015, dropping 7.05% compared with 2.46% decline in the Sensex. The scrip had however outperformed the market in past one quarter, declining 1.13% as against Sensex's 8.74% fall.

The large-cap PSU bank has an equity capital of Rs 1658.27 crore. Face value per share is Rs 10.

Central Bank of India said that Capital Raising Committee of the board of directors of the bank at its meeting held yesterday, 4 June 2015, approved the proposal to raise Tier I capital upto Rs 5000 crore in one or more tranches during Financial year ending 31 March 2016 (FY 2016) through various modes such as qualified institutional placement (QIP), rights issue, follow on public offer (FPO), private placement, preferential issue, etc. subject to approval of Government of India, Reserve Bank of India and other statutory authorities (if any). The agenda is being sent to shareholders for approval in the forthcoming Annual General Meeting scheduled to be held on 30 June 2015.

Central Bank of India's net profit rose 7.3% to Rs 174.29 crore on 5.2% growth in total income to Rs 7321.50 crore in Q4 March 2015 over Q4 March 2014.

As per the shareholding pattern of the bank, the government of India held 81.46% in the bank as on 31 March 2015.

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