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Central Bank allots over 280 crore preferential shares to Centre for capital infusion

Central Bank allots over 280 crore preferential shares to Centre for capital infusion

The capital raising committee of the bank's board allotted 280,53,76,972 equity shares at the issue price of Rs 17.11 per share to the government aggregating up to Rs 4,800 crore

The allotment has been done subsequent to passing of the special resolution by shareholders at an extraordinary general meeting held on May 18 The allotment has been done subsequent to passing of the special resolution by shareholders at an extraordinary general meeting held on May 18

Central Bank of India on Saturday said it has allotted over 280 crore shares to the government on preferential basis for Rs 4,800 crore capital infusion in the bank.

The capital raising committee of the bank's board at a meeting held on May 29, 2021 allotted 280,53,76,972 equity shares at the issue price of Rs 17.11 per share to the government aggregating up to Rs 4,800 crore, the bank said in a BSE filing.

The allotment has been done subsequent to passing of the special resolution by shareholders at an extraordinary general meeting held on May 18, it said.

"With this allotment, shareholding of President of India (Government of India) has increased from 89.78 per cent to 93.08 per cent," it added.

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