Corporation Bank received Rs9,086cr from government

This amount has been utilised to make loan loss provision in order to bring down the Net NPA ratio below the threshold under Prompt Corrective Action Framework.

Feb 25, 2019 03:02 IST India Infoline News Service

Corporation Bank in its filing to the exchanges informed that the bank has received Rs9,086cr towards the contribution of the government of India in the preferential allotment of equity shares (Specialised Securities/Bonds) of the bank.

"The same has been credited to Share Application Money Pending Allotment Account", the bank said in a press note after market hours to the exchanges on Friday.

This amount has been utilised to make loan loss provision in order to bring down the Net NPA ratio below the threshold under Prompt Corrective Action Framework, the bank added.

Corporation Bank's share price ended at Rs30.25, down by Rs0.1, or 0.33% from its previous close of Rs30.35 on the BSE.
The scrip opened at Rs30.65 and touched a high and low of Rs31.30 and Rs29.10, respectively. A total of, 41,56,161 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs7,667.15cr.

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