Central Bank Of India To Float IPO In June

Central Bank of India is all set to float its initial public offer (IPO) in June. The bank will file for the IPO with SEBI this week. The public sector bank will mop up funds for upgrading its technology platform, meeting Basel-II requirements and HRD development. The bank recently restructured its capital structure of Rs 1,124.14 crore into preference capital of Rs 800 crore and equity capital of Rs 324.14 crore. The money raised through the IPO should help the bank to improve its capital adequacy to around 12 per cent, which currently is at 10.4 per cent.