Central Bank of India’s share price jumped 1.5% in early trading on August 30 after the company signed a co-lending partnership with IKF Finance, IKF Home Finance and Samunnati Financial Intermediation & Services. .
As of 9:19 a.m., Central Bank of India shares were trading at Rs 35.65, up Rs 0.54 or 1.54%, on BSE.
The company has entered into a strategic co-lending partnership with Samunnati Financial Intermediation & Services Private Limited to provide agricultural and MSME loans at competitive interest rates.
The bank also signed a strategic co-lending agreement with IKF Home Finance Limited to provide loans for MSMEs and housing at competitive interest rates. Another strategic co-lending partnership has been established with IKF Finance to provide loans to MSMEs at competitive interest rates. Participating in these co-borrowing arrangements will result in a larger portfolio expansion for the bank and others. IKF Home Finance Limited is registered with the National Housing Bank, while Samunnati Financial Services & Intermediaries and IKF Finance are registered with the Reserve Bank of India.
The Bank has issued BASEL-III compliant Tier II bonds on a private placement basis to raise Rs 1,500 crore, including a base size of Rs 500 crore and a green shoe option of Rs 1,000 crore.
The bank received a total bid of Rs 1,516 crore and the undersubscribed issue was 3 times the base size. The lender has decided to accept offers of Rs 1,500 crore with a coupon rate of 8.80%.
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