The initial public offering of Central Bank of India got fully subscribed just hours after the issue opened.As per the NSE website, the issue was subscribed 1.09 times. It received 8.70 crore bids for the issue size of 8 crore shares. Around 98,040 bids were made at cut-off price.The price band of the issue is fixed at Rs 85-102 per share. The issue closes Friday.
The bank plans to raise Rs 680 crore at the lower price band of Rs 85 and Rs 816 crore at the upper price band of Rs 102 through the issue.The issue proceeds will be utilised to augment the capital base of the bank to meet future capital requirements.
The bank has reserved 60 per cent of the shares for the qualified institutional buyers and 30 per cent of the shares for retail investors.Post issue, the shareholding of the union government in the bank will come down to 80.20 per cent.
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