Central Bank to raise Rs 157 cr by issuing shares to LIC

Central Bank of India will raise over Rs 156 crore by issuing shares on preferential basis to state-owned insurer LIC.

The public sector lender will create, offer, issue and allot up to 1,71,44,954 equity shares of to Life Insurance Corporation of India for cash aggregating up to Rs 156.79 crore, Central Bank said in a regulatory filing.

The bank said the said equity shares to be issued to LIC will be subject to lock-in requirements and shall be entitled to dividend declared.

Stock of the bank closed 2.15 per cent up at Rs 83 on BSE.