Over the past few days, Corporation Bank had been hitting new lows almost every single day. Even yesterday, it hit a new low at Rs.21 but today it is in the deep green, going up to Rs.24.10, a gain of over 4%.
The stock price is up as Govt holding in the Bank increased after a preferential allotment.
The Bank allotted 86.90 crore equity shares of Rs.2 each at a premium of Rs.27.40/share or at an issue price of Rs.29.40 on a preferential basis to the Govt of India.
Post this the Issued, Subscribed and paid-up Capital of the Bank gets raised to 253,45,96,238 equity shares of Rs.21- each.
Govt holding in the bank stands increased from 79.87%.to 86.77%.