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Corporation Bank gets shareholders' nod for raising Rs 857 crore from government

29 Sep 2015 Evaluate

Corporation Bank’s shareholders have approved a special resolution to issue equity shares on preferential basis to the Union Government and Life Insurance Corporation of India. At the extraordinary general meeting on September 28, shareholders of the bank approved the special resolution to issue 15.66 crore shares worth Rs 857 crore to the government, as also 2.81 crore shares worth Rs 143 crore to LIC - both on preferential basis. 

With this allotment, the government's holding in the bank will increase from existing 63.33% to 67.20%, however the LIC’s holding in the bank will decrease from existing 22.57% to 21.22%. Overall, the number of shares of the bank will increase to 102.24 crore post-allotment, as against 83.77 crore in the pre-allotment case.

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.

Corp. Bank-Amalgamat Share Price

22.60 0.00 (0.00%)
19-Mar-2020 18:01 View Price Chart
Peers
Company Name CMP
State Bank Of India 1022.65
PNB 105.10
Bank Of Baroda 248.40
Canara Bank 126.65
Union Bank Of India 168.05
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