Central Bank to raise Rs 1,617 cr by issuing equity to govt

Central Bank today said that it will raise capital of Rs 1,617 crore by issuing equity shares to government on a preferential basis.
The additional capital will be raised by "conversion of entire Perpetual Non-Cumulative Preference Shares (PNCPS) of Rs 1,617 held by Government of India (GOI), into equity shares to be issued and allotted to GOI on Preferential Basis," the bank said.
In its regulatory filing, the bank further said the conversion price has been fixed at Rs 105.09 per equity share.
Total number of shares to be offered to government will be up to 15.38 crore.
Shares of Central Bank closed at Rs 106.25 apiece, up by 1.24 per cent at BSE today.