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The extraordinary general meeting (EGM) of shareholders of Corporation Bank has approved a special resolution to issue equity shares on preferential basis to the Centre.
This will help the government infuse up to ₹2,554.99 crore into the bank. The bank informed the stock exchanges that the EGM of shareholders has approved a special resolution to issue 86,90,47,619 equity shares at an issue price of ₹29.40 per share to the government on preferential basis.
The meeting also approved a special resolution to issue up to 10 crore equity shares of face value ₹2 each at a premium to the employees of the bank under the ‘Corporation Bank Employee Stock Purchase Scheme’ (CorpBank-ESPS) in one or more tranches, as per the provisions of SEBI.
On Friday, the scrip of Corporation Bank closed at ₹26.95 on the BSE, up 1.13 per cent, against the previous close of ₹26.65.
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