Central Bank of India to raise Rs 6,500 crore in FY18

However, the bank's stocks fell by 4%, closed at Rs 109.20 on BSE

Central Bank of India will raise up to Rs 6,500 crore this fiscal through various means, including preferential issue or follow on public offer.

The board of directors at a meeting held today approved the proposal pending approval from shareholders to raise the equity capital of up to Rs 6,500 crore during 2017-18, Central Bank of India said in a regulatory filing.

The public-sector lender said the money can be raised through various modes such as preferential issue, qualified institutional placement, rights issue, follow on public offer.

The matter will be put before the shareholders at the ensuing annual general meeting to be held on June 30.

Stock of Central Bank of India closed 4 per cent down at Rs 109.20 on BSE.