LIC to Buy Stake in Central Bank of India for Rs 540 Crore

State-owned Central Bank of India proposes to raise an estimated Rs 540 crore by selling stake on preferential basis to Life Insurance Corporation (LIC). The board approved raising of additional capital by issue and allotment of up to 7,10,75,753 equity shares, of face value Rs 10, to LIC on preferential basis, Central Bank of India said in a filing to the BSE. Shares in the bank closed at Rs 76.45 apiece on Friday. At this r...