Central Bank of India sells 7.10 crore shares to LIC, raises Rs 581.61 cr

State-owned Central Bank of India on Friday sold 7.10 crore shares to Life Insurance Corporation of India (LIC) and raised Rs 581.61 crore.

The bank allotted 7,10,75,753 equity shares to LIC subsequent to passing of the special resolution by shareholders at their meeting held on July 15, Central Bank of India said in a statement.

The shares of face value Rs 10 were alloted at Rs 81.83 per unit, it said.

Currently, LIC holds 5.31 per cent stake in the bank. The government holding stands at 88.63 per cent as of June, 2014.

Shares of Central Bank of India closed at Rs 69.20 per unit, down 1.70 per cent on the BSE.