The Board of Central Bank of India, a public sector bank, will meet on January 3 to consider for approval a preferential allotment of shares to the Government for Rs 323 crore.
The preferential allotment to Government will be done as per SEBI-mandated pricing formula.
This public sector bank also plans to convene on February 2 an Extra-ordinary General Meeting of its shareholders for passing the necessary special resolution for this capital mop-up.
It may be recalled that the Government had on end-December last year conveyed the sanction of President of India for release of Rs 323 crore towards the contribution of the Central Government in the preferential allotment.
The funds have been received by the bank on December 29 and kept on the "Central Bank of India Share Application Money Account", the bank said in a filing with the stock exchanges.