Central Bank shares up over 2% on fund raising plans

Shares of Central Bank of India today settled with over 2 per cent gains after its board approved raising over Rs 165 crore by issuing additional equity shares to insurance giant LIC on preferential basis.
After surging 6.28 per cent to Rs 70.20 intra-day, shares of the company finally ended at Rs 67.50, up 2.20 per cent on BSE.
On NSE, the stock went up by 1.35 per cent to settle at Rs 67.20.
In terms of volume, 2.51 lakh shares of the company changed hands at BSE and over 9 lakh shares were traded at NSE during the day.

The board of directors at its meeting held yesterday "considered and approved raising of additional equity capital by issuance and allotment of up to 3,14,41,088 equity shares of the face value of Rs 10 each at the issue price of Rs 52.66 per equity aggregating to Rs 165,56,87,694.08 to LIC," the company had said in a BSE filing.
Besides, the bank informed it has sought approval from the government for raising additional equity capital by conversion of entire 5,830 innovative perpetual debt instruments of the face value of Rs 10 lakh each aggregating to Rs 583 crore held by the government into equity shares to be issued and alloted to the government on preferential basis.