Tuesday, 24 January 2017

Central Bank of India to buy back perpetual bonds worth Rs 500 cr

Public sector Central Bank of India will go for a premature buyback of 9.4 per cent perpetual bonds worth Rs 500 crore. The decision was taken at the lender's board of directors meeting held on Monday, the bank said in a filing to the Bombay Stock Exchange. "The Board of Directors of the Bank at their meeting held on January 23, 2017 considered and approved the proposal for premature buy-back of 9.40 per cent perpetual bonds of Rs 500 crore," it said in a regulatory filing. 

The board has also authorised the Chairman and Managing Director for taking various procedural decision related to the buyback, it added. A security instrument with fixed income, perpetual bonds have no maturity date and are not redeemable, so they may be treated as equity, not debt. Meanwhile, shares of the bank were trading at Rs 83.30 apiece, down 0.18 percent from the previous close at 11:58 hours on BSE.

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