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.