The extraordinary general meeting of shareholders of Corporation Bank has approved the preferential allotment of shares to the Government of India.

The bank informed the Bombay Stock Exchange that the meeting on Friday approved the issue of 47,85,137 equity shares of the bank of face value Rs 10 each at a premium of Rs 416.32 per equity share to the Government of India. With this, the issue price of the share stood at Rs 426.32.

The preferential allotment of shares to the Government will help bank raise Rs 203.99 crore.

The bank informed the exchange that the resolution of preferential allotment of shares was passed unanimously.

On Friday, the bank scrip closed at Rs 398.45, down 0.25 per cent, against the previous close of Rs 399.45.

vinayak.aj@thehindu.co.in

(This article was published on March 15, 2013)
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