Indian IPO

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Monday, August 20, 2007

Central Bank to list on August 21

Public sector institution, the Central Bank of India will list on the bourses with 40,41,41,460 shares on August 21, 2007. The offer price has been fixed at Rs 102 per share.

The stock will start trading in F&O market with a lot size of 2000 shares.

The company had come out with an initial public offering (IPO) of 80,000,000 equity shares of Rs 10 each for cash at a price to be decided through a 100% book building process and raised Rs 816 crore from that issue at Rs 102, higher end of the band. The issue was subscribed over 62.07 times.

After the issue, the shareholding of the Government of India in the bank has come down to 80.20%.

The issue proceeds will be utilized to augment the capital base of the bank to meet the future capital requirements arising out of the implementation of the Basel II standards and the growth in assets, primarily the loan and investment portfolio due to the growth of the Indian economy and for other general corporate purposes.

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