Wednesday , June 28 2017
Breaking News
Home / Business / Corporation Bank gets nod to raise funds up to Rs 3,500 crore

Corporation Bank gets nod to raise funds up to Rs 3,500 crore

Corporation Bank has received an approval for raising of capital to the extent of Rs 3,500 crore in one or more tranches with Green Shoe Option, if any. The board of directors at its meeting held on May 20, 2017 had approved for the same.

The funds will be raised by way of either allotment of equity shares on preferential basis or Follow on Public Issue or Rights Issue or Qualified Institutions Placement or by way of Additional Tier 1 Bonds or Tier II Bonds or Debt Issue or in combination of these thereof or any other method as per Basel III requirements and for determination of issue price at an appropriate time as per extant guidelines of SEBI/RBI and with the approval of Reserve Bank of India, Government of India and Shareholders of the Bank, if any.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.

About editor