LIC to raise stake in Central Bank for Rs 540 cr

 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).

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.

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.