Corporation Bank shares gain over 2.5% on fund raising plans

Shares of Corporation Bank today rose by over 2.5 per cent as the company's board approved raising Rs 1,000 crore capital in multiple tranches.
The stock gained 2.44 per cent to Rs 41.85 on BSE.
On NSE, shares of the company went up by 2.57 per cent to Rs 41.90.
"The Board of Directors...Have approved raising of capital of the bank to the extent of Rs 1,000 crore in one or more tranches with green shoe option if any by way of either issue and allotment of equity shares on preferential basis or by way of additional tier-I bonds or follow on public issue", the company had said in a BSE filing yesterday.

Besides, the bank can also opt the route of a rights issue or a qualified institutions placement or debt issue or any other method as per Basel III requirements, it added.
The bank is yet to determine the issue price for equity allotment.