Central Bank shares jump over 6% on fund raising plans

Shares of Central Bank of India today surged by more than 6 per cent after its board approved raising over Rs 165 crore by issuing additional equity shares to insurance giant LIC on preferential basis.
The stock climbed 6.28 per cent to Rs 70.20 on BSE.
On NSE, shares of the public sector lender went up by 5.73 per cent to Rs 70.10.
The board of directors at its meeting held yesterday "considered and approved raising of additional equity capital by issuance and allotment of up to 3,14,41,088 equity shares of the face value of Rs 10 each at the issue price of Rs 52.66 per equity aggregating to Rs 165,56,87,694.08 to LIC," it had said in a BSE filing.

Besides, the bank informed that it has sought approval from government for raising additional equity capital by conversion of entire 5,830 innovative perpetual debt instruments of the face value of Rs 10 lakh each aggregating to Rs 583 crore held by the government into equity shares to be issued and alloted to the government on preferential basis.