OREANDA-NEWS. Shareholders of Central Bank of India at an Extra-ordinary General Meeting held on March 18, 2013 at Mumbai, have passed a special resolution for giving authority to the Board of Directors and its committee namely-Capital Raising Committee, to create, offer, issue and allot upto 308,461,538 equity shares of the face value of Rs. 10/- each, to Government of India (GoI), on preferential basis, at a price of Rs. 78/- per Equity Share determined in accordance with SEBI ICDR Regulations, 2009 aggregating upto Rs. 2406/- crore.

Central Bank of India, a government-owned bank, is one of the oldest and largest commercial banks in India. It is based in Mumbai. The bank has 4100 branches and 270 extension counters across 27 Indian states and three Union Territories. At present, Central Bank of India has one overseas office, which is a joint venture with Bank of India, Bank of Baroda, and the Zambian government. The Zambian government holds 40 per cent stake and each of the banks has 20 per cent. Recently it has also opened a representative office at Nairobi, Kenya.

Central bank of India is one of 18 Public Sector banks in India to get recapitalisation finance from the government over the next 24 months.

Central Bank of India has approached the Reserve Bank of India (RBI) for permission to open representative offices in five more locations - Singapore, Dubai, Doha, London and Hong Kong.