Central Bank of India gains after board approves raising up Rs 500 crore via bonds

Central Bank of India rose 2.15% to Rs 15.20 after the bank's board approved the proposal to raise upto Rs 500 crore by issuing non-convertible redeemable unsecured basel III compliant tier 2 bonds in the nature of promissory notes.

The bank's net profit rose 19.9% to Rs 160.79 crore on a 1.9% increase in total income to Rs 6,833.94 crore in Q2 September 2020 over Q2 September 2019.

Central Bank of India, a public sector banking institution has their branches in 27 states and 4 union territories in India. As of 30 September 2020, the Government of India held 89.78% stake in the bank.

 

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