Corporation Bank allots 86,90,47,619 equity shares to Government of India

Corporation Bank allots 86,90,47,619 equity shares to Government of IndiaThe Securities Allotment Committee of the Board of Corporation Bank at its meeting held today i.e. 11th October 2018 has allotted 86,90,47,619 equity shares of Rs.2/- each at a premium of Rs.27.401- per share i.e. at an issue price of Rs.29.40/- per share to Government of India (i.e. in the name of President of India) on a preferential basis. Consequent upon this the Issued, Subscribed and paid-up Capital of the Bank gets raised to 253,45,96,238 equity shares of Rs.21 each and Government of India holding gets increased from 79.87%.to 86.77%.

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.

Shares of CORPORATION BANK was last trading in BSE at Rs.23.3 as compared to the previous close of Rs. 22.95. The total number of shares traded during the day was 37872 in over 199 trades.

The stock hit an intraday high of Rs. 23.3 and intraday low of 21. The net turnover during the day was Rs. 841186.

Source : Equity Bulls

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