Central Bank of India, one of the leading public sector banks, said the capital raising committee of the board of directors on Thursday has approved the proposal to raise tier I capital upto Rs. 50 billion in one or more tranches during financial year 2015-16.

The bank will consider various modes such as QIP, Rights Issue, FPO, private placement, preferential issue, etc. subject to approval of Government of India, Reserve Bank of India and other statutory authorities (if any).

"The agenda is being sent to shareholders for approval in the forthcoming Annual General Meeting scheduled to be held on Jun. 30, 2015," the bank said.

The bank has also announced reduction of 30 basis points in base rate to 9.95% from 10.25%.

Shares of the company gained Rs 0.6, or 0.59%, to trade at Rs 101.45. Total volume of shares traded on the bourses today was lower by 69.22% to 87,801 compared with 22-day average volume of 285,248. (11.30 a.m., Friday).