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Saturday, December 21, 2013

Govt ups stake in Corporation Bank

The Central Government has increased its stake in Corporation Bank to 63.33 per cent.

The bank informed BSE on Friday that the Securities Allotment Committee of the board of the bank at its meeting on December 20 has allotted 1,46,27,486 equity shares of Rs 10 each at a premium of Rs 297.64 a share to Government of India on a preferential basis.

With this, the bank’s issued and subscribed capital has expanded to 16,75,41,877 equity shares, and Government’s holding in the lender moved up from 59.82 per cent to 63.33 per cent.

The allotment was made following the consent given by the bank’s shareholders at its extraordinary general meeting on December 16, the bank said.

Source: thehindubusinessline


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