Central Government has raised its stake in Corporation Bank from 59.82% to 63.33%. The Board of the Bank at its meeting held on December 20, 2013 has allotted 1,46,27,486 equity shares of Rs 10 each at a premium of Rs 297.64 a share to Government of India on a preferential basis. With this, the bank’s issued and subscribed capital has increased to 16,75,41,877 equity shares.
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. As on March 31, 2013, the bank has 1707 branches and 1425 ATMs.
