Corporation Bank is planning to raise Rs 507.99 crore through preferential issue to government. In this regard, the bank's shareholders gave approval at their meeting held on September 15, 2016.
The bank informed the BSE that the extraordinary general meeting of shareholders on Thursday approved a special resolution to issue 12,45,70,868 equity shares at an issue price of Rs 40.78 per share to the government on preferential basis.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906. Government of India is the majority shareholder holding 59.82% stake in the bank.