Corporation Bank Shares Gain Over 2.5% On Fund Raising Plans

Mumbai, Mar 10 (PTI) Shares of Corporation Bank today rose by over 2.5 per cent as the company's board approved raising Rs 1,000 crore capital in multiple tranches.

The stock gained 2.44 per cent to Rs 41.85 on BSE.

Corporation Bank Shares Gain Over 2.5% On Fund Raising Plans
Corporation Bank: Quotes, News
BSE 43.80BSE Quote0.3 (0.68%)
NSE 43.85NSE Quote0.15 (0.34%)

On NSE, shares of the company went up by 2.57 per cent to Rs 41.90. "The Board of Directors...have approved raising of capital of the bank to the extent of Rs 1,000 crore in one or more tranches with green shoe option if any by way of either issue and allotment of equity shares on preferential basis or by way of additional tier-I bonds or follow on public issue", the company had said in a BSE filing yesterday.

Besides, the bank can also opt the route of a rights issue or a qualified institutions placement or debt issue or any other method as per Basel III requirements, it added. The bank is yet to determine the issue price for equity allotment.

PTI

Read more about: corporation bank
Story first published: Thursday, March 10, 2016, 13:25 [IST]
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