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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).

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Publication:Mena Report
Geographic Code:9INDI
Date:Jan 5, 2015
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