State-owned Central Bank of India today said it will raise equity capital through preferential allotment of shares to LIC.
After the allocation, shareholding of the insurance behemoth would rise up to 13.75 per cent in the bank.
The board of directors of the bank at a meeting held today approved raising of additional equity share capital by issuing and allotting shares to LIC, Central Bank said in a regulatory filing.
"... Post allotment of shares, shareholding of LIC along with its various schemes in the bank will not exceed 13.75 per cent," the bank said.
The issue price for the preferential allotment will be fixed tomorrow.
Stock of the bank closed 0.61 per cent down at Rs 90.25 per piece on BSE.
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