Central Bank of India jumped 12.26% to Rs 20.15 after the bank said its board approved to raise up to Rs 3,353 crore via allotment of shares on a preferential basis to the government.
The bank announced after market hours yesterday, 29 October 2019, that capital raising committee of the board of directors at the meeting held on 29 October 2019 approved allotment of upto 158.38 crore equity shares at Rs 21.17 each, aggregating to Rs 3353 crore to the Government of India on preferential basis.The bank said the board approval is subject to the nod of the shareholders, Reserve Bank of India, Securities and Exchange Board of India and other statutory authorities.
Meanwhile, the S&P BSE Sensex was up 224 points or 0.56% to 40055.96.
On the BSE, 1.97 lakh shares were traded in the counter so far compared with average daily volumes of 39,425 shares in the past two weeks. The stock hit a high of Rs 20.8 and a low of Rs 18.4 so far during the day.
The bank will announce its Q2 results on 1 November 2019. It reported a net profit of Rs 118.33 crore in Q1 June 2019 over a net loss of Rs 1522.24 crore in Q1 June 2018. Total income rose 10% to Rs 6493.55 crore in Q1 June 2019 over Q1 June 2018.
Central Bank of India is a public sector bank. Government of India holds 89.46% stake in the bank (as on 30 June 2019).
Powered by Capital Market - Live News