Corporation Bank allots shares of Rs 143 cr to LIC

State-run Corporation Bank has allotted over 2.8 crore shares on a preferential basis to LIC to raise around Rs 143 crore.

The bank in a filing to the BSE said that it allotted 2,81,60,693 equity shares at an issue price of Rs 50.78 apiece to Life Insurance Corporation of India on a preferential basis.

Consequent upon these issues, Corporation Bank said the holding of LIC is 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.

Shares of Corporation Bank today closed at Rs 42.05 apiece on BSE, up 0.24 per cent from previous close.