Central Bank of India's stock listed at Rs 130.10

Mumbai, Aug 21 (UNI) Shares of one of the country's oldest bank, Central Bank of India (CBI) today debuted at Rs 130.10 at a premium of 27.54 per cent over the Initial Public Offer (IPO) price of Rs 102 on the Bombay Stock Exchange (BSE) today.

The share price had touched a high of Rs 132.90 and a low of Rs 125.15 during the course of trading in initial trading at the BSE.

''We were looking for a listing at Rs 140-145, but considering the current choppy market, listing at 130.10 is a good registration for the investors, who have shown their confidence in the Central Bank,'' Bank's Chairperson and Managing Director Ms H A Daruwalla said.

Speaking at the bell ringing ceremony held at the BSE's International Convention Hall, Ms Daruwalla said the Rs 816 crore raised by the bank through an IPO would be used to implement the growth strategy including capital restructuring in accordance with the regulatory requirement, technology upgradation and undertake robost growth for the shareholders.

The CBI had priced its IPO at Rs 102, at the top end of the Rs 85 to Rs 102 price band.

The Bank's IPO had ended on July 27 with overall 62.07 times subscription.

Post issue, the shareholding of the Union government in the bank has come down to 80.20 per cent.

CBI has pan-India presence with branches in 27 states and three Union Territories. At year ended March 2007, the bank had 3,194 branches, the third largest network of branches in India.

CBI reported net profit of Rs 498.01 crore on net total income of Rs 2950.07 crore in the year ended 31 March 2007 (FY 2007). Profit for FY 2007 includes recovery/write back of provisions of Rs 163.33 crore.

UNI