Central Bank of India shares gain on strategic tie-ups to widen portfolio

The participation in co-lending arrangement will result in greater expansion of portfolio by the bank and other entities.

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The Central Bank of India share price gained 1.5 percent in early trade on August 30 after the company entered into a co-lending partnership with IKF Finance, IKF Home Finance and Samunnati Financial Intermediation & Services.

At 9:19am, the Central Bank of India stock was quoting Rs 35.65, up Rs 0.54, or 1.54 percent, on the BSE.

The company has entered into a strategic co-lending partnership with Samunnati Financial Intermediation & Services Private Limited to offer agriculture and MSME loans at competitive rates.

The bank has also entered into a strategic co-lending partnership with IKF Home Finance Limited to offer MSME and home loans at competitive rates. Another strategic co-lending partnership has been forged with IKF Finance to offer MSME loans at competitive rates.

The participation in these co-lending arrangements will result in greater expansion of portfolio by the bank and other entities.

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IKF Home Finance Limited is registered with National Housing Bank, while Samunnati Financial Intermediation & Services and IKF Finance are registered with Reserve Bank of India.

The bank had come out with issue of BASEL-III Compliant Tier-II bonds on a private placement basis for raising Rs 1,500 crore, including the base size of Rs 500 crore and a green-shoe option of Rs 1,000 crore.

The bank received total bids of Rs 1,516 crore and the issue was oversubscribed 3 times against the base size. The lender has decided to accept bids worth Rs 1,500 crore at a coupon rate of 8.80 percent.