Corporation Bank, public sector lender has allotted over 2.8 crore shares to Life Insurance Corporation of India (LIC) to raise around Rs 143 crore. Consequent upon these issues, LIC's holding in Corporation Bank has increased to 21.22 per cent.
The bank has allotted 28,160,693 equity shares at an issue price of Rs 50.78 apiece to LIC on a preferential basis. The shares allotted to LIC shall be locked-in for a period of one year from the date of trading approval.
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.
