PSU banks rush to raise funds from market

Public Sector Banks (PSBs) have started queuing up their fund raising programmes.

Mangaluru-based Corporation Bank on Wednesday said it has received shareholders’ approval for raising up to Rs 3,500 crore through share sale. The lender’s annual general meeting “approved raising of capital of the bank by way of issuance of fresh shares and/or issuance of additional tier I or tier II capital as per Basel III guidelines to the extent of Rs 3,500 crore,” Corporation Bank said in a regulatory filing to stock exchanges.

Yet,another public-sector lender — Allahabad Bank has obtained shareholders’ approval to raise equity capital aggregating up to Rs 2,000 crore through different modes like QIP, FPO or a rights issue.

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