Central Bank of India to enter capital market

Mumbai, July 13 (UNI) Central Bank of India, one of the oldest public sector bank in the country, today announced its entry in the capital market with an Initial Public Offering (IPO) of 8 crore equity shares.

With this, the Central Bank of India has become the first PSU bank to go for IPO this year.

The Bank said here today that the price band for the issue has been fixed between between Rs 82 and Rs 102 per equity share, and will be open for subscription from July 24 to July 27. After the issue, the shareholding of the Government of India will come down to 80.20 per cent.

Speaking to the mediapersons, Bank Chairman and Managing Director H A Daruwalla said the Bank will utilize the money raised for upgrading its technology platform, meeting Basel-II norms, HRD development and credit offtake.

The money raised through the IPO will also help the Bank to improve its capital adequacy ratio to around 12 per cent, as against the current 10.4 per cent.

UNI