Central Bank of India hits the roof as board OKs bonds issue of Rs 1,500-cr

Central Bank of India was locked in 5% upper circuit at Rs 30.85 after bank's board approved raising capital through issuance of non-convertible basel III compliant tier II bonds upto Rs 1,500 crore.

The board approved to raise capital through issuance of non-convertible, redeemable, unsecured basel III compliant tier II bonds Rs 1,500 crore with a base size of Rs 500 crore and a green shoe option upto Rs 1,000 crore during the FY 22-23.

The company said that the issue is subject to market conditions and necessary approvals.

Central Bank of India is a public sector bank. The Government of India holds 93.08% stake in the bank.

The state-run lender's net profit rose 27.26% to Rs 318.17 crore on 8.24% increase in total income to Rs 7,064.96 crore in Q2 FY23 over Q2 FY22.

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