<p> State-owned Central Bank of India proposes to raise an estimated Rs 540 crore by selling stake on preferential basis to Life Insurance Corporation (LIC).<br /><br /></p>.<p>The board approved raising of additional capital by issuance and allotment of upto 7,10,75,753 equity shares of face value of Rs 10 each to LIC on a preferential basis, Central Bank of India said in a BSE filing on Friday.<br /><br />At this rate, the stake proposed to be bought by LIC would be worth Rs 543 crore.LIC currently holds 7,34,20,914 shares, or 5.44 per cent stake, in Central Bank of India.<br /></p>
<p> State-owned Central Bank of India proposes to raise an estimated Rs 540 crore by selling stake on preferential basis to Life Insurance Corporation (LIC).<br /><br /></p>.<p>The board approved raising of additional capital by issuance and allotment of upto 7,10,75,753 equity shares of face value of Rs 10 each to LIC on a preferential basis, Central Bank of India said in a BSE filing on Friday.<br /><br />At this rate, the stake proposed to be bought by LIC would be worth Rs 543 crore.LIC currently holds 7,34,20,914 shares, or 5.44 per cent stake, in Central Bank of India.<br /></p>