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Corporation Bank upsizes capital raising limit to 65B rupees

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Corporation Bank upsizes capital raising limit to 65B rupees

India's Corporation Bank increased its proposed capital raising limit to 65 billion rupees from 35 billion rupees.

The bank said Dec. 22 that it would raise the capital in one or more tranches with a greenshoe option, if any, either by issuing equity shares, holding a rights issue, or by way of Additional Tier 1 bonds or Tier 2 bonds.

Further, the bank said it has raised 13 billion rupees through the issuance of bonds Nov. 14.

As of Dec. 26, US$1 was equivalent to 64.06 Indian rupees.