Reported by: banking|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 result in a rise of shareholding by LIC to 14.5% from 12.61%. The shareholding of the government will come down to 61.38% from 62.73%, it said.