Tag Archives: Allahabad Bank

Allahabad Bank may sell part of stake in insurance company

Reported by | Updated: December 1, 2017

Allahabad Bank is proposing to sell part of its 30% stake in Universal Sompo General Insurance Company as part of its plan to divest non-core assets. The bank’s MD and CEO Usha Ananthasubramanian said the insurance company is a performer and it may get listed on the bourses and that would be the best time […]

Allahabad Bank merges its subsidiary

Reported by | Updated: December 26, 2016

Allahabad Bank has merged its wholly-owned subsidiary AllBank Finance with itself. The merger is subject to regulatory approvals. AllBank Finance is the merchant banking arm of the bank and also holds license for debenture trusteeship. As a Category I Merchant Banker, it offers basket of fee-based financial services such as IPO management, debt/loan syndication, trusteeship […]

Allahabad Bank to rise Rs 690 cr from government

Reported by | Updated: May 5, 2016

Allahabad Bank has received shareholders’ approval to rise Rs 690 crore by way of preferential allotment of equity in favour of the government. The bank said it will raise equity capital through preferential issue of 10,92,29,064 equity shares of the face value of Rs 10 each at an issue price of Rs 63.17 per share, […]

Allahabad Bank to issue more shares to LIC

Reported by | Updated: March 5, 2016

Allahabad Bank intends to raise over Rs 55 crore from the LIC by selling over 1.32 crore equity shares on preferential basis. The relevant date for determining the issue price has been fixed at 29 February. And extra-ordinary general meeting in this regard has also been called on 30 March. The issuance of shares will […]