Central Bank of India has fixed a price band of Rs 85-Rs 102 per share for its Rs 800 crore issue, which is slated to open for subscription between July 24 and July 27.
The bank will offer 80,000,000 equity shares of Rs 10 each. It has set aside 4,000,000 equity shares for its employees and will offer the remaining to the public.
At least 60% shares alloted to the public will be given on a proportionate basis to Qualified Institutional Buyers (QIBs), of which 5% will be available for allocation to mutual funds and the remaining QIB portion will be allocated to all QIB bidders.
Additionally, at least 30% and 10% of the net issue will be available for allocation on a proportionate basis to retail individual bidders and non-institutional bidders respectively.
Central Bank?s chairperson and managing director HA Daruwalla said, ?The bank will take up 17.5% equity in the proposed Standard Chartered-promoted ARC.?
The bank has targeted a 21% deposit growth and a 25% credit expansion in 2007-08. It also aims to reduce net NPA to below 1%.
Speaking on home loans, Daruwala added, ?We will not slow down on housing loans.?