Corporation Bank allots 124570868 Equity Shares on Preferential basis to Government of India

The Securities Allotment Committee of the Board of Corporation Bank at its meeting held on September 28, 2016, has allotted 12,45,70,868 Equity Shares of Rs.2/- each at a premium of Rs.38.78/- per share i.e. at an issue price of Rs.40.78/- per share to Government of India (i.e. in the name of President of India) on a Preferential basis. Consequent upon this the Issued and Subscribed Capital of the Bank gets raised to 114,70,56,443 Equity Shares and Government of India holding gets increased from 67.20%.to 70.76%.

The Equity shares so allotted shall rank pari-passu with the existing equity shares of the Bank including Dividend, if any and the same shall be locked in for a period of 3 years from the date of Trading approval, as per the SEBI(ICDR) Regulations, 2009.

The allotment is made in terms of the provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 issued by Securities and Exchange Board of India (SEBI) and as per consent accorded by the shareholders of the Bank at its Extraordinary General Meeting held on September 15, 2016.

Shares of CORPORATION BANK was last trading in BSE at Rs.44.75 as compared to the previous close of Rs. 43.4. The total number of shares traded during the day was 83518 in over 606 trades.

The stock hit an intraday high of Rs. 45.2 and intraday low of 43.5. The net turnover during the day was Rs. 3712049.

Source : Equity Bulls

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