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Central Bank of India allots 280 crore preferential shares to GoI for Rs 4,800 crore

India’s leading public sector bank, the Central Bank of India has allotted over 280 crore shares to the Government of India for Rs 4,800 crore capital infusion.

In a filing with the exchange, the bank said, “The capital raising committee of the bank’s board at a meeting held on May 29, 2021, allotted 280,53,76,972 equity shares at the issue price of Rs 17.11 per share to the government aggregating up to Rs 4,800 crore.”

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“The allotment has been done after passing of the special resolution by shareholders at an extraordinary general meeting held on May 18,” Bank said.

“With this allotment, the shareholding of President of India (Government of India) has increased from 89.78 percent to 93.08 percent,” it added.

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