New Delhi: Central Bank of India plans to come up with an initial public offer of shares some time between May and June, Chairperson H.A. Daruwalla told Reuters on Wednesday.
“We have obtained the clearance from the finance ministry,” she said.
In November 2006, the federal government approved a proposal to restructure the capital of Central Bank of India so that it could sell a portion of its equity in the market.
The government decided to convert Rs8 billion of capital into perpetual non-convertible preference shares.
Daruwalla said the bank will soon appoint merchant bankers who would help it fix a price and the amount to be raised through the IPO.