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Government to infuse Rs 1,140 crore capital into Corporation and Allahabad Bank

News:

  • Corporation Bank, board has approved capital infusion of Rs 857 crore by the government.
  • Allahbad Bank has also announced that its board will meet on August 28 to consider raising of equity capital of the bank through issue of equity shares on preferential basis to the government.
  • As per the proposed capital infusion plan of the government, Allahabad Bank will get Rs 283 crore in the form of equity investment from the government.
  • Corporation Bank said for the capital infusion of Rs 857 crore by government, it will convene an extra-ordinary general meeting (EGM) of shareholders on September 22.
  • The meeting will seek shareholders approval for the said capital infusion, it said, adding that the bank is in the process of taking necessary steps/approvals for raising the said amount.

    Source: ET

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