The state-run bank said that the capital raising committee of the board approved the closure of the qualified institutions placement (QIP) issue on 25 September 2020.
The committee approved the issue price of Rs 15.38 per share for an aggregate value of Rs 255 crore to be allotted to eligible qualified institutional buyers in the QIP. The issue price is at 4.94% discount to the QIP floor price of Rs 16.18 per equity share. The QIP issue was open between 22nd and 25th September 2020.The bank intends to use the net proceeds to enhance its capital adequacy, in accordance with regulatory requirements.
Central Bank of India, a public sector banking institution has their branches in 27 states and 4 union territories in India. As of 30 June 2020, the Government of India held 92.39% stake in the bank.
The bank's net profit rose 14.5% to Rs 135.43 crore on a 3.6% increase in total income to Rs 6,726.68 crore in Q1 June 2020 over Q1 June 2019.
Shares of Central Bank of India declined 2.41% to end at Rs 16.20 on Friday. In the past six months, the stock has gained 39.66% while the benchmark S&P BSE Sensex rose 31.02% during the same period.
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