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Corporation Bank soars on plan to raise Rs 500 crore via bond issue

21 Jan 2015 Evaluate

Corporation Bank is currently trading at Rs. 376.55, up by 9.95 points or 2.71% from its previous closing of Rs. 366.60 on the BSE.

The scrip opened at Rs. 367.00 and has touched a high and low of Rs. 376.85 and Rs. 367.00 respectively. So far 28525 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 417.50 on 09-Jun-2014 and a 52 week low of Rs. 220.10 on 24-Feb-2014.

Last one week high and low of the scrip stood at Rs. 370.55 and Rs. 341.25 respectively. The current market cap of the company is Rs. 6142.09 crore.

The promoters holding in the company stood at 63.33% while Institutions and Non-Institutions held 29.29% and 7.38% respectively.

Corporation Bank is planning to raise Rs 500 crore through issue of unsecured, subordinated, perpetual additional Tier-I Basel-III compliant non-convertible taxable bonds on private placement basis. The bonds are in the nature of debentures and the issue, which opened on January 20, will close on February 2, 2015.

The Bank has secured AA-/Stable rating from CRISIL and IND AA-/Stable rating from India Ratings and Research. Each bond is priced at Rs 10 lakh and the minimum application size is fixed at 10 bonds and in multiples of one bond thereafter.

The coupon rate is fixed at 9.51% per annum. The call option is discretionary and can be exercised only after the bonds have run for at least five years from the deemed date of allotment subject to RBI approval.

 

Corp. Bank-Amalgamat Share Price

22.60 0.00 (0.00%)
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Peers
Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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