Mumbai: As offer for sale (OFS) for Central Bank of India shares opened for non-retail investors on Friday as the bank scrips surged 0.29 per cent in early trade.
Retail investors and employees can bid on May 25, 2026 and the floor price for the issue has been fixed at Rs 31 per equity share at over 8.5 per cent discount to the PSU lender’s Thursday closing price.
The government may additionally exercise an oversubscription option to sell more shares depending on investor demand, the official statement said.
“Government offers to disinvest 4 per cent equity in the Central Bank of India with an additional 4 per cent as green shoe option,” DIPAM Secretary Arunish Chawla said in a social media post.
The government had proposed to sell 36,20,56,051 equity shares, representing 4 per cent of the total issued and paid-up equity share capital of the bank. The OFS, if the green shoe option is exercised, is likely to be worth around Rs 2,455 crore, based on the closing price of the bank’s stock on Thursday.
A minimum of 25 per cent of the OFS shares reserved for non-retail investors will be allocated to mutual funds and insurance companies, subject to valid bids being received at or above the floor price.
Under the offer document, at least 10 per cent of the shares will be reserved for retail investors, while 75 lakh equity shares have been earmarked for eligible employees. Retail investors can bid at the cut off price, while eligible employees may apply for shares worth up to Rs 5 lakh and can also bid in the retail category subject to limits.
The government said that employee eligibility will be determined using PAN details shared by the bank with stock exchanges one trading day before the OFS opens.
The OFS will be conducted over two trading days separately for non retail investors and for retail investors and employees with bidding open from 9:15 am to 3:30 pm on both days. Non retail investors will have the option to carry forward unallotted bids to the following trading day.
(IANS)
