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The extraordinary general meeting (EGM) of shareholders of Corporation Bank, which was held in Mangaluru on Wednesday, approved a special resolution to issue equity shares on preferential basis to the Central government. This will help the government infuse up to ₹9,085.99 crore into the bank.
The bank informed the stock exchanges that the EGM of shareholders has approved a special resolution to issue 340,55,47,226 equity shares of face value ₹2 each at a premium of ₹24.68 per equity share, that is an issue price of ₹26.68 per share, to the Government of India on preferential basis.
While replying to the queries raised by a shareholder, PV Bharathi, Managing Director and CEO of the bank, who chaired the EGM, said the lender is on the growth path. It is the earnest endeavour of every Corporation Bank employee to put it back on growth track, she said.
On Tuesday, the scrip of Corporation Bank closed at ₹28.25 on the BSE, up 1.62 per cent, against the previous close of ₹27.80.
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