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Corporation Bank to raise Rs500 cr, declares 45% dividend

Corporation Bank to raise Rs500 cr, declares 45% dividend
PTI
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First Published: Tue, Mar 25 2008. 05 15 PM IST
Updated: Tue, Mar 25 2008. 05 15 PM IST
Mumbai: Corporation Bank on Tuesday said it will raise Rs500 crore through bonds to meet its capital requirement even as it declared interim dividend of 45% for the year 2007-08.
The board of directors of the bank has approved the raising of the capital funds by Rs500 crore through Tier II Bonds, the public sector lender Bank informed the Bombay Stock Exchange.
Earlier, in August 2007, the bank had announced to raise Rs500 crore through issue of Tier II capital bonds. The bank had raised Rs300 crore last year and in the second tranche, it completed raising of the remainder Rs200 crore on 19 March.
The board of directors has declared an interim dividend of 45% to the shareholders, the filing added.
Shares of the bank were trading at Rs276, up 12.04% in the afternoon trade on the BSE.
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First Published: Tue, Mar 25 2008. 05 15 PM IST