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Central Bank sets QIP floor price at Rs 16.18 per share

Capital Market 

The state-run bank launched its qualified institutional placement (QIP) of shares on Tuesday (22 September 2020).

The floor price has been set at 16.18 per equity share for the QIP, which is a 5.93% discount to Tuesday's closing price.

The capital-raising committee of its board will meet again on 25 September to consider and determine the issue price for the equity shares to be allotted to qualified institutional buyers. The bank may at its discretion offer a discount of not more than 5% on the floor price so calculated for the QIP.

Central Bank of India's net profit rose 14.5% to Rs 135.43 crore on a 3.6% increase in total income to Rs 6,726.68 crore in Q1 June 2020 over Q1 June 2019.

Shares of Central Bank of India declined 2.91% to Rs 16.70 on BSE. Central Bank of India, a public sector banking institution has their branches in 27 states and 4 union territories in India. As of 30 June 2020, the Government of India held 92.39% stake in the bank.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, September 23 2020. 09:21 IST