Money & Banking

Corp Bank allots preferential shares to Govt

| Updated on: Mar 29, 2011

Corporation Bank informed the BSE on Tuesday that the preferential allotment committee of the board, at its meeting on March 29, has allotted 46,92,554 equity shares of Rs 10 each at a premium of Rs 648.49 a share — that is, at an issue price of Rs 658.49 per share — to Government of India on a preferential basis.

Consequent upon this, the Government's holding in the bank will increase from 57.17 per cent to 58.52 per cent.

On March 15, the bank, at its extraordinary general meeting, had given its approval for the preferential allotment of shares to the Government.

On Tuesday, the scrip of the bank closed at Rs 605.70 on the BSE against the previous closing of Rs 572.70.

Published on March 31, 2011

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