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Central Bank of India may raise Rs. 24.19 billion of Tier I capital
New York, March 16 – Central Bank of India said its board of directors has approved a proposal to raise Rs. 24.19 billion of Tier I capital during the financial year 2015 to 2016 if required.
The fund raising would take the form of innovative perpetual debt instruments, perpetual non-cumulative preference shares or equity, according to a notice filed with the Bombay Stock Exchange.
Debt instruments or preference shares would be issued on a private-placement basis while equity shares could be sold through a number of different routes.
Central Bank of India is a commercial bank based in Mumbai.
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