Allahabad Bank to rise Rs 690 cr from government

Reported by: |Updated: May 5, 2016

allahabad_bankAllahabad 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, including premium of Rs 53.17 per share, to the government of India, aggregating to Rs 690 crore. After the allotment, the shareholding of the government in the bank will increase to 67.21% from the existing 61.38% after the issue and allotment of the equity shares.