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Public sector Central Bank of India will go for a premature buyback of 9.4 per cent perpetual bonds worth Rs 500 crore.
The decision was taken at the lender's board of directors meeting held on Monday.
"The Board of Directors of the Bank at their meeting held on January 23, 2017 considered and approved the proposal for premature buy-back of 9.40 per cent perpetual bonds of Rs 500 crore," it said in a regulatory filing.
The board has also authorised the Chairman and Managing Director for taking various procedural decision related to the buyback, it added.
A security instrument with fixed income, perpetual bonds have no maturity date and are not redeemable, so they may be treated as equity, not debt.
Stock of Central Bank closed 0.48 per cent up at Rs 83.45 on BSE.
