Central Bank sets 85-102 rupees/shr IPO price band

State-owned lender Central Bank of India has set a price band of 85-102 rupees a share for its 80 million share initial public offer later this month.

At the cap, the company would raise 8.16 billion rupees and used the funds for technology upgradation and business development, H.A. Daruwalla, chairwoman and managing director, told reporters on Friday.

The issue, accounting for 19.8 percent of the post-issue capital, will open on July 24 and close on July 27.

The issue would help raise the bank's capital adequacy ratio by at least 1 percent from 10.4 percent now, she said.

The bank, she said, aimed at a credit growth of 25 percent and deposit growth of 21 percent in 2007/08.

It also planned to reduce net non-performing assets to net advances to less than 1 percent by March 2008 from the present 1.70 percent, she said.