The Hindu Business Line : Central Bank of India's IPO in June

NEW TIE-UP: Ms H.A. Daruwalla, CMD, Central Bank of India, with Mr Vivek Kudva, President, Franklin Templeton India, at a press conference in Mumbai on Tuesday. Central Bank plans to hit the capital market in June. — Paul Noronha

Mumbai May 15 Central Bank of India's initial public offer (IPO) will hit the markets in June, said Ms H.A. Daruwalla, Chairman and Managing Director, Central Bank of India, on the sidelines of a press conference. The bank will file for the IPO with SEBI this week, she added.

The public sector bank will raise money for upgrading its technology platform, meeting Basel-II requirements and HRD development, she said.

Ms Daruwalla did not comment on the size of the issue and the premium.

The bank recently restructured its capital structure of Rs 1,124.14 crore into preference capital of Rs 800 crore and equity capital of Rs 324.14 crore.

The money raised through the IPO should help the bank to improve its capital adequacy to around 12 per cent, which currently is at 10.4 per cent, she added.

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