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Central Bank of India rises 6% on capital raising plan 

Shares of Central Bank of India advanced more than 6 percent intraday Thursday on capital raising plan.

The company is going to raise additional capital by issuing 3.14 crore of equity shares at an issue price of Rs 52.66 per share to Life Insurance Corporation on preferential basis. 

The company also seeks government nod for conversion of entire 5830 innovative perpetual debt instruments aggregating to Rs 583 crore held by government of India (GoI) in to equity shares at an issue price of Rs 70.71 per share and to raise additional capital by issuing equity shares to GoI on preferential basis. 

The company is going to hold extra-ordinary general meeting (EGM) on March 30, 2016 to pass special resolution for determining the issue price as per SEBI regulation. 

At 09:49 hrs Central Bank of India was quoting at Rs 67, up Rs 0.95, or 1.44 percent on the BSE.