Corporation Bank shares up 2% as LIC plans to infuse funds

Shares of Corporation Bank today surged almost 2 per cent as LIC planned to infuse Rs 143 crore into the company by way of preferential equity.
The stock ended the day with a gain of 1.50 per cent at Rs 47.50 on BSE. During the day, it went up 4 per cent to Rs 48.70.
At NSE, shares of the company climbed 1.93 per cent to settle at Rs 47.50.
The capital infusion into the bank by LIC will be by way of issue of equity shares on preferential basis to the country's largest insurer, the bank said in a BSE filing yesterday.

"The company (bank) has received a letter dated September 11, 2015 from Life Insurance Corporation (LIC) of India expressing their intention to infuse capital to the extent of Rs 143 crore into the capital funds of the bank," it said.
The bank further said it "proposes to raise funds by way of preferential issue of up to 2,81,60,693 equity shares at a price of Rs 50.78 per share (including premium)".