Corporation Bank allots 14627486 Equity Shares on Preferential basis to Government of India

The Securities Allotment Committee of the Board of Corporation Bank at its meeting held on December 20, 2013 has allotted 1,46,27,486 Equity Shares of Rs. 10/- each at a premium of Rs. 297.64 per share i.e. at an Issue price of Rs. 307.64 per share to Government of India (i.e. in the name of President of India) on a Preferential basis. Consequent upon this the Issued and Subscribed Capital of the Bank gets raised to 16,75,41,877 Equity Shares and Government of India holding gets increased from 59.82% to 63.33%.

The Equity shares so allotted shall rank pari-passu with the existing equity shares of the Bank including Dividend, if any and the same shall be locked in for a period of 3 years from the date of trading approval, as per the SEBI (ICDR) Regulations, 2009.

The allotment is made in terms of the provisions of Chapter VII of the SEBI (issue of Capital and Disclosure Requirements) Regulations, 2009 issued by Securities and Exchange Board of India (SEBI) and as per consent accorded by the shareholders of the Bank at its Extraordinary General Meeting held on December 16, 2013.

Shares of Corporation Bank was last trading BSE at Rs.259.95, up by Rs.0.35 or 0.13%. The stock hit an intraday high of Rs.262.50 and intraday low of Rs.259.

The total traded quantity was 0.36 lakh shares as compared to 2 week average of 0.23 lakh shares.

Source : Equity Bulls

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