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Central Bank of India to raise Rs 156 crore from LIC

Public-sector bank, Central Bank of India has received its board's approval for raising over Rs 156 crore by issuing additional equity shares to insurance giant LIC on preferential basis. The board of directors at its meeting held on November 01, 2016 considered and approved raising of additional equity capital by issuance and allotment of up to 1,71,44,954 equity shares of the face value of Rs 10 each at the issue price of Rs 91.45 per equity aggregating to Rs 156,79,06,043.30 to the insurance giant.  Following the allotment of shares, LIC's shareholding will rise from the current 12.91 percent.

Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The Bank's segments include Treasury Operations, Corporate/Wholesale Banking, Retail Banking and other Banking business. The bank has posted a net loss of Rs 599.81 crore for the quarter ended June 30, 2016 as compared to a net profit of Rs 203.60 crore for the same quarter in the previous year.

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