Central Bank seeks cap restructuring for IPO

Kolkata, Jun 19(UNI) Central Bank of India has sought permission of the Government for capital restructuring ahead of going for its maiden IPO, Chairperson and Managing Director H A Daruwalla today said.

" I have requested the Finance Ministry to allow capital restructuring of the bank so that we can be listed on the stock market and go for IPO. I am hopeful about a positive outcome," she told reporters on the sidelines of the banking conclave organised by FICCI(Eastern region).

However, the Ministry would require some time before giving the gree signal as it needed to amend a clause of the particular Act, she said.

The capital base of Central Bank was now Rs. 1,124 crore, she said.

The capital, to be raised from the market, would be utilised for the bank's technological advancement and other purposes.

The CMD said the bank would also go for a tie-up with UTI for distribution of mutual funds.

UNI KDG KK RD 1516