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LIC to infuse Rs 143 cr in Corp Bank

Life Insurance Corporation will infuse Rs 143 crore in Corporation Bank as preferential equity. The bank informed the stock exchanges about this funding. It also said it proposes to raise funds by way of preferential issue of upto 2,81,60,693 equity shares at a price of Rs 50.78 per share (including premium). The funds will be used for expand its business, the bank added. “In order to meet the growing requirement of funds for expanding the business by way of long term resources and for general lending purposes as may be decided by the Board as also to comply with BASEL-III requirements relating to capital adequacy,” it said. However, it clarified that the capital to be raised through this preferential allotment of equity will not be used for making investment, in whatever form, in any of its subsidiaries or joint ventures.

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