NEW DELHI: Central Bank of India (CBI) has allotted over 8.28 crore shares to LIC on a preferential basis in order to raise about Rs 626 crore.
"... Capital Raising Committee of the Board of Directors of the bank has allotted 8,28,90,000 equity shares to Life Insurance Corporation of India," the lender said in a filing to the BSE.
The bank said its Capital Raising Committee, in a meeting held on December 30, 2014, passed special resolution to create, offer, issue and allot shares to LIC at a share price of Rs 75.55 per equity share, aggregating up to Rs 626,23,39,500.
Central Bank of India shares closed 1.09 per cent up at Rs 92.75 apiece on the BSE.