Corporation Bank approves raising of capital

The Board of Directors of Corporation Bank at its meeting held on March 08, 2016, has approved Raising of Capital of the Bank to the extent of Rs.1000 Crore in one or more tranches with Green Shoe Option if any by way of either issue and allotment of equity shares on preferential basis or by way of Additional Tier 1 Bonds or Follow on Public Issue or Rights Issue or Qualified Institutions Placement or Debt Issue or any other method as per Basel III requirements and for determination of issue price at an appropriate time as per extant guidelines of SEBI and with the approval of Reserve Bank of India, Government of India and Shareholders of the Bank if any.

This is exclusive of earlier approval of the Board of the Bank on November 06, 2014 where Rs. 500 crore by way of Additional Tier I Bonds and Rs. 500 crore by way of Tier II Bonds yet to be raised.

Shares of CORPORATION BANK was last trading in BSE at Rs.40.85 as compared to the previous close of Rs. 39.85. The total number of shares traded during the day was 85935 in over 672 trades.

The stock hit an intraday high of Rs. 41.1 and intraday low of 38.75. The net turnover during the day was Rs. 3433211.

Source : Equity Bulls

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