Central Bank of India is entering the capital market with an Initial Public Offering (IPO) of 8 crore equity shares of Rs 10 each for cash at a price to be decided through a 100 per cent book building process, said K Subbaraman, Executive Director, Central Bank of India, during a press conference here on Monday. 

The price band for the issue, which opens for subscription on July 24 and closes on July 27, 2007, has been fixed between Rs 85-102 per equity share. The issue includes a reservation 40 lakh equity shares for employees of the bank and the balance 7.6 cr equity shares would constitute the net issue to the public. The Government of India shareholding in the bank will come down to 80.2 pc.

At the upper end of the band the bank will raise Rs 816 cr to be utilised for infrastructure development, business growth and meet requirements arising out of the implementation of the Basel II standards.