Central Bank to raise up to Rs 270 cr by issuing shares to employees

New Delhi: State-owned Central Bank of India will raise up to Rs 270 crore by issuing shares to its staff under the employee share purchase scheme (ESPS).

The bank's board on Monday approved a proposal to raise equity capital by issuance and allotment of up to 10 crore shares at the issue price of Rs 27 per share, Central Bank of India said in a regulatory filing. The shares under the scheme will be allotted to eligible employees, it said.

"The compensation committee of the board fixed issue opening date as March 19, 2019 and issue closing date as March 27, 2019 subject to provision that the issue closing date can be revised and preponed or postponed with approval of the Committee," the bank said.

Stock of the bank closed 0.44 per cent down at Rs 33.85 on BSE.