Stocks

Central Bank of India drops over 5% on QIP plan

Internet Desk | Updated on September 23, 2020 Published on September 23, 2020

The floor price for Central Bank of India's share sale through a qualified institutional placement, which opened on Tuesday, has been set at ₹16.18 apiece. The Bank board will meet on Friday to consider and approve the issue price for equity shares to be allotted to qualified institutional buyers, it said in a notice to the stock exchanges.

Earlier, the State-owned Central Bank of India said it would raise up to ₹5,000 crore of equity capital through various modes, including follow on public offer, rights issue or QIPs, to maintain its capital adequacy ratio.

The shares of the bank dropped over 5 per cent to trade at ₹16.35.

 

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Published on September 23, 2020
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