Centurion scrip sees big fall on relisting

The Re 1 face value Centurion Bank stock yesterday closed at Rs 8.80 on Bombay Stock Exchange. Relisted after a gap of five weeks, Centurion scrip saw brisk trading. After opening at Rs 6, the scrip hit an intra-day high of Rs 19.50 before closing at Rs 8.80. The total volumes at the counter stood at 31,89,182. The stock was last traded on January 23. On that day, it had closed at Rs 21.55 and the volume of trade was to the tune of 19.6 lakhs.

However, at that time, the face value of the stock was Rs 10. On January 20, the Reserve Bank of India had approved the capital restructuring plan of Centurion Bank.

Thereafter, the face value of the bank's share was brought down to Re 1 from Rs 10. Consequently, the paid up capital of the bank came down from Rs 152.47 crore to Rs 15.24 crore.

Meanwhile, at the National Stock Exchange (NSE) the stock opened the day at Rs 20.90 hit a intra day low of Rs 8.35 and settled the day at Rs 8.80.

Shares worth 31,55,947 were traded at the exchange. The stock was last traded on January 26 on NSE. On January 26, the share ended the day at Rs 20.65 with a traded volume of 19.6 lakhs.

In accordance with its restructuring plan the bank in its board meeting held on March 3 constituted a committee of directors and delegated powers to the committee to work out the modalities and other procedural formalities with regard to its proposed rights issue.

The committee has been authorised to determine the final size of the rights issue and the ratio of rights to shareholders, subject to the minimum of Rs 65 crores as provided in the scheme of arrangement amongst Bank Muscat SAOG, Centurion Bank Ltd. and its shareholders.