Central Bank of India (BSE:532885) announced a private placement of up to 82,890,000 common shares at INR 75.55 per share for gross proceeds of INR 6,262,339,500 to returning investor Life Insurance Corporation of India on December 3, 2014. Each share to be issued will have a face value of INR 10. The shares will be issued on preferential basis. The transaction has got an approval from the board of directors of the company. The transaction is subject to approval from Government of India, Reserve Bank of India, and other statutory authorities. The transaction is also subject to shareholders' approval in extraordinary general meeting to be held on December 30, 2014.

On December 30, 2014, the company announced that the transaction has been approved by the shareholders in its extraordinary general meeting.

On January 1, 2015, Central Bank of India closed the transaction. The shares issued in the transaction have a hold period till January 29, 2016.