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Govt to infuse Rs 1,140 cr capital into Allahabad, Corp Bank

By Religare

Corporation Bank said its board has approved capital infusion of Rs 857 crore by the government, reported PTI.

Another public lender Allahabad Bank announced that its board will meet on August 28 to consider raising of equity capital of bank through issue of equity shares on preferential basis to the government.

The two lenders are among 13 public sector banks, including SBI, Punjab National Bank, Bank of Baroda, Canara Bank and IDBI, which will receive a total Rs 20,088 crore capital infusion by the government.


In a regulatory filing on BSE, Allahabad Bank said the board of the bank will hold a meeting on August 28 to consider raising of equity capital.

"...To consider raising of equity capital of Bank through issue of equity shares on preferential basis to government against the proposed capital infusion plans of government subject to necessary permission/approval," it said in the filing.

As per the proposed capital infusion plan of the government, Allahabad Bank will get Rs 283 crore in the form of equity investment from the government.

In a separate filing, Corporation Bank said for the capital infusion of Rs 857 crore by government, it will convene an extra-ordinary general meeting (EGM) of shareholders on September 22.

The meeting will seek shareholders approval for the said capital infusion, it said, adding that the bank is in the process of taking necessary steps/approvals for raising the said amount.

"...Ministry of Finance, Department of Financial Services, Government of India, has communicated its decision to infuse capital funds to the tune of Rs 857 crore," it said in the filing.

Story first published: Tuesday, August 25, 2015, 9:20 [IST]
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