The Central bank of India on Saturday said it has allotted over 280 crore shares to the government on a preferential basis for Rs 4800 crore capital infusion in the bank.

The capital raising committee of the bank's board at a meeting held on May 29, 2021, allowed 80,53,76,972 equity shares at the issue price of Rs 17.11 per share to the government aggregating up to Rs 4800 crore, the bank said in a BSE filing.

The allotment has been done subsequent to the passing of the special resolution by shareholders at an extraordinary general meeting held on May 18, it said.

"With this allotment, the shareholding of President of India( Government of India) has increased from 89.78% to 93.08%," it added.