Life Insurance Corporation (LIC) will infuse a whopping Rs 143 crore into Corporation Bank by way of preferential equity. The bank has called for an extraordinary general meeting of shareholders on September 28 to seek approval to issue 2.81 crore shares to LIC on preferential basis.
The Bank has received a letter dated September 11, 2015 from LIC of India expressing their intention to infuse capital to the extent of Rs 143 crore into the capital funds of the Bank. The Board of the Bank has approved the same on September 14, 2015, to make this as a part of the business item in the ensuing Extraordinary General Meeting scheduled to be held on September 28, 2015. The bank will also seek the approval of shareholders to issue 15.66 crore of shares worth Rs 857 crore to the Government of India on preferential basis.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank. Overall, the Bank has a wide network of over 9,000 centres across India, including 2,061 branches, 2,599 ATMs and 4,349 branchless banking units.
| Company Name | CMP |
|---|---|
| State Bank Of India | 1045.15 |
| PNB | 107.85 |
| Bank Of Baroda | 279.25 |
| Canara Bank | 129.00 |
| Union Bank Of India | 174.80 |
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