Allahabad Bank to seek EGM approval for preferential issue

The Board of Directors of Allahabad Bank at its meeting held on February 22, 2012, has resolved to call an Extraordinary General Meeting of the shareholders of the Bank on March 24, 2012 for their approval to issue and allot equity shares to Govt. of India and/or to Life Insurance Corporation of India/others, on preferential basis.

The Board of Directors of the Bank has fixed February 23, 2012 as "Relevant Date" in terms of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2009.

The Allahabad Bank stock was trading at Rs.193.30, down by Rs.14.15 or 6.82%. The stock hit an intraday high of Rs.211.40 and low of Rs.192.

The total traded quantity was 3.21 lakhs compared to 2 week average of 2 lakhs.

Source : Equity Bulls

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