Corporation Bank to raise Rs 100 crore

Mangalore-based Corporation Bank has decided to raise Rs 100 crore by issue of bonds on private allotment basis.

The public-sector lender would raise Rs 100 crore by issue of unsecured innovative perpetual convertible Tier-I Bonds Series-I (4) on private placement basis.

The issue would open on August 26 and would close on the same date.

Recently, Corporation Bank has begun an initiative of accepting income tax through its 1,035 plus ATMs. With the launch, the lender has become the first bank in the industry to offer this type of facility.

The shares of Corporation Bank closed at Rs 379 on Friday, up 2% compared to its previous close. The counter has made 52-week- high and low of Rs 392 and Rs 155 respectively.