Central Bank of India to raise up to Rs 1,500 crore this fiscal

State-owned Central Bank of India will raise up to Rs 1,500 crore this fiscal by issuing Basel III compliant bonds.

The decision was taken at the bank's board meeting held on Monday.

The board of directors considered and approved to raise capital through an issuance of non-convertible redeemable unsecured Basel III compliant tier II bonds for amount up to Rs 1,500 crore, the bank said in a regulatory filing.

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The base issue size is of Rs 500 crore with a green shoe option up to Rs 1,000 crore.

Under the Basel-III capital regulations, banks globally need to improve and strengthen their capital planning processes.

Shares of Central Bank of India settled 4.93 per cent up at Rs 30.85 apiece on BSE.