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Corporation Bank Gains of Allotment of Shares to LIC

The shares of Corporation Bank gained as much as 4 per cent on Friday to touch Rs 44.50 as the bank announced issuance of 2.8 crore shares worth Rs 143 crore to the Life Insurance Corporation of India on a preferential basis.
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Corporation Bank Gains of Allotment of Shares to LIC

The shares of Corporation Bank gained as much as 4 per cent on Friday to touch Rs 44.50 as the bank announced issuance of 2.8 crore shares worth Rs 143 crore to the Life Insurance Corporation of India on a preferential basis.

The shares were issued at price of Rs 50.78, which is a premium of nearly 20 per cent from Thursday's close of Rs 42.05.

Post the issue, the holding of LIC in the company will go up to 21.22 per cent.

The Mangalore-headquartered public sector bank said that the shares allotted to LIC shall be locked-in for a period of one year from the date of trading approval.

The shares of Corporation Bank closed the day at Rs 43.30, up 2.97 per cent while the broad market indicator, Sensex, was up 0.17 per cent.



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