Corporation Bank allots 4692554 Equity Shares to GOI

The Preferential Allotment Committee of the Board of Corporation Bank at its meeting held on March 29, 2011, has allotted 46,92,554 Equity Shares of Rs. 10/- each at a premium of Rs. 648.49 per share i.e. at an issue price of Rs. 658.49 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 get raised to 14,81,32,554 Equity Shares and Government of India holding gets increased from 57.17% to 58.52%.

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 March 15, 2011.

The stock closed the day at Rs.605.70, up by Rs.33 or 5.76%. The stock hit an intraday high of Rs.622.80 and low of Rs.575.

The total traded quantity was 49577 compared to 2 week average of 9448.

Source : Equity Bulls

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