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Corporation Bank rises on getting nod for merger with Union Bank of India

Corporation Bank is currently trading at Rs. 17.00, up by 0.10 points or 0.59% from its previous closing of Rs. 16.90 on the BSE.

The scrip opened at Rs. 16.95 and has touched a high and low of Rs. 17.35 and Rs. 16.95 respectively. So far 8963 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 32.15 on 27-Feb-2019 and a 52 week low of Rs. 16.70 on 16-Sep-2019.

Last one week high and low of the scrip stood at Rs. 17.50 and Rs. 16.70 respectively. The current market cap of the company is Rs. 10280.03 crore.

The promoters holding in the company stood at 93.49%, while Institutions and Non-Institutions held 4.52% and 1.98% respectively.

Corporation Bank’s board has given its in-principle approval for the merger with Union Bank of India. The board of directors in its meeting held on September 16, 2019 has given in-principle approval for the amalgamation of the Corporation Bank into Union Bank of India.

Earlier on September 9, 2019 Union Bank of India had informed about an in-principle approval of its board for the amalgamation of Andhra Bank and Corporation Bank into it. While, Andhra Bank board on September 13 had given its in-principle approval for the amalgamation of the lender alongside Corporation Bank into Union Bank of India.

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

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