Central Bank of India spurts after board OKs preferential allotment

Central Bank of India rose 5.28% to Rs 68.75 at 14:30 IST on BSE after the bank said that a special committee of the board approved raising upto Rs 4835 crore via preferential allotment to the government.

The announcement was made during trading hours today, 23 February 2018.

Meanwhile, the S&P BSE Sensex was up 294.87 points, or 0.87% to 34,114.37.

On the BSE, 2.38 lakh shares were traded in the counter so far compared with average daily volumes of 59,000 shares in the past two weeks. The stock had hit a high of Rs 70.40 and a low of Rs 65.70 so far during the day. The stock hit a 52-week high of Rs 125 on 22 May 2017. The stock hit a 52-week low of Rs 63.55 on 19 February 2018.

Central Bank of India announced that the capital raising committee of the board of directors of the bank at its meeting held today, 23 February 2018, approved allotment of upto 61.15 crore equity shares of the face value of Rs 10 each at Rs 79.06 per equity share, aggregating to Rs 4835 crore to the Government of India on preferential basis.

The capital raising committee also decided to hold an extraordinary general meeting of shareholders on 26 March 2018 to consider and pass the necessary special resolution.

Central Bank of India reported net loss of Rs 1664.22 crore in Q3 December 2017 as against net loss of Rs 605.70 crore in Q3 December 2016. Total income declined 2.93% to Rs 6589.32 crore in Q3 December 2017 over Q3 December 2016.

The Government of India held 81.90% stake in the bank as on 31 December 2017.

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