Business Daily from THE HINDU group of publications
Saturday, Aug 09, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Saturday, Aug 09, 2008 ePaper | Mobile/PDA Version | Audio |
|
|
|
|
|
Money & Banking
-
Public Sector Banks Markets - Stocks 
Mr B. Sambamurthy Our Bureau Mangalore, Aug. 8 Corporation Bank, which was one of the highest bidders for the shares of Maruti Udyog Ltd (MUL) in May 2007, has earned a profit of around Rs 16 crore by selling the shares. This was disclosed at the 11th annual general meeting ) of the bank here on Friday. Replying to a query by a shareholder on the acquisition of MUL shares by the bank, Mr U. Balakrishna Bhat, Chief Financial Officer of the bank, said that the bank had taken 5,88,235 shares when these shares were put on the block by the Government. Corporation Bank was one of the highest bidders at Rs 850 a share. “Of these shares, almost all the shares have been sold, and we are having around 27,783 shares at present. The shares were sold at an average price of Rs 1,031 a share. The bank made a profit of Rs 16 crore in that transaction,” he said. The shareholders approved a total dividend of 105 per cent for 2007-08. The AGM also elected three shareholder directors – Mr Hiren Mehta from New Delhi, Mr Thomas Mathew T., Managing Director of Life Corporation of India, and Mr Ajay Garg from Faridabad. The Government nominee on the board cannot vote in this election. Mr B. Sambamurthy, Chairman and Managing Director, said expansion of customer base and footprint, enhanced customer engagement and partnering with key intermediaries are the key elements of growth strategy. Corporation Bank net up 4%; provisioning hurts Corporation Bank increasing branchless banking units Corporation Bank deposit scheme Corporation Bank hikes NRE rates Corporation Bank plans business verticals More Stories on : Public Sector Banks | Stocks
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
