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Corporation Bank Aims at Raising Rs. 3,500 Crores
May 25, 2017
Public sector lender Corporation Bank has disclosed that the board has approved its proposal of raising Rs. 3,500 crores which will be achieved in one or more tranches with green shoe option. The information was provided through a regulatory filing.
The lender said that the capital will be raised through follow-on a right issue or a public issue, or through allotment of equity shares on preferential basis, or debt issue or additional tier-I or tier-II bonds, etc. It’s possible that the bank may use a combination of these options as per Basel III requirements. However, for now, the lender has said that it will determine the issue price at the right time.
