State-owned Corporation Bank today said it did not pursue a proposal to buy Rupee Co-operative Bank though it had received the proposal from the Pune-based cooperative lender.
"Bank had received a request from the Administrator of Rupee Co-operative Bank, Pune for discussing the possibilities of takeover of the Cooperative Bank," Corporation Bank said in a BSE filing.
Based on the observations in the detailed audit cum due diligence conducted by a reputed audit firm, the Bank decided not to evince interest in the said proposal, it said.
The request for takeover was declined ab-initio (from the beginning), it added.
Shares of the Corporation Bank closed at 59.05, up 0.25 per cent on the BSE.
