In order to meet up its capital requirement, Corporation Bank has announced that it will lift around Rs 500 crore through Tier-II bonds.

In a declaration, the bank stated that its board has sanctioned the proposal to raise the capital funds by Rs 500 crore through Tier II Bonds at its meeting held on Tuesday (25 March, 2008).

Previously the bank announced to raise Rs 500 crore through issue of Tier II capital bonds in August 2007. The bank had raised Rs 300 crore during the last year. On March 19, 2008, the bank completed raising of the remainder Rs 200 crore from second tranche of Tier-II bonds.

Besides, the board of the public sector lender has also declared an interim dividend of 45 per cent to the shareholders.

Presently (at 12:57 pm), the shares of the bank lost 1.4 percent at Rs 280.70 on the Bombay Stock Exchange (BSE).