India : CENTRAL BANK OF INDIA plans to raise Rs 660 crore through conversion of PNCPS.
State-run Central Bank of India plans to raise Rs 660 crore through conversion of perpetual non-cumulative preference shares (PNCPS) held by the government into equity shares.
Non-equity instruments, PNCPS do not qualify to be counted for Tier-l capital of the banks.
During the current fiscal, the bank has raised Rs 1,208 crore in two tranches from Life Insurance Corporation of India (LIC) through allotment of shares on a preferential basis.
The bank earlier during this month had raised Rs 626 crore by allotting over 8.28 crore shares to the life insurer on a preferential basis.
Central Bank of India has been serving nearly 3,50,00,000 account holders through its 4,400 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).
2014 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 5, 2015|
|Previous Article:||India : Cyient to buy 74% equity stake in Rangsons Electronics.|
|Next Article:||India : E-payment facility for IIT Jodhpur revealed by HDFC Bank.|