Central Bank of India to raise up to Rs 500 cr through bonds

Central Bank of India on Tuesday said it will raise up to Rs 500 crore by issuing Basel III compliant bonds.

The capital raising committee of the board of directors of the bank at its meeting held on 4 February, 2020, considered and approved the proposal for raising capital funds up to Rs 500 crore, it said in a regulatory filing.

It said the funds would be raised by issuance and allotment of non-convertible redeemable unsecured basel-III compliant tier 2 bonds in the nature of promissory notes.

Shares of Central Bank closed at Rs 17.70 apiece on the BSE, up 1.14 per cent over the previous close.