Central Bank to raise Rs 5,000 cr this fiscal to meet Basel III norms

Lender plans rights issue, FPO as part of fund raising exercise; says it will be requiring capital to meet prescribed capital adequacy ratio on ongoing basis

Central Bank of India (CBI) is planning to raise up to Rs 5,000 crore in the current fiscal through various means, including rights issue and FPO, to meet Basel III norms by March 2020.

The bank will raise capital through follow on public offer, rights issue or qualified institutional placement (QIP) and will seek permission from shareholders in the ensuing annual general meeting to be held on June 28, it said in its annual report 2018-19.

It will create, offer and allot such number of equity shares up to the value of Rs 5,000 crore, whether at a discount or