Central Bank IPO fully subscribed on first day

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Mumbai, July 24:: The initial public offer (IPO) of Central Bank of India, expected to raise up to Rs 816 crore, has received good response from investors and got fully subscribed on the first day.

As per the data available on the bourses, the IPO of the public sector lender has received 13.61 crore bids for the eight crore shares on offer.

The price band for the issue, which opened and closes on July 27, has been fixed at Rs 85-102 per equity share. The bank has reserved four million shares for employees.

Post-issue, the governments shareholding in the bank would come down to 80.2 per cent. The issue would constitute 24.68 per cent of the pre-issue and 19.8 per cent of the post-issue paid-up equity capital of the bank.

The issue proceeds would be utilised for technology upgradation and to augment the capital base to meet future capital requirements arising out of the implementation of Basel-II standards.