Allahabad Bank to seek EGM nod for fund raising

The Board of Directors of Allahabad Bank at its meeting held on November 22, 2013, has decided the issue of equity shares aggregating upto Rs. 400/- crore (Rupees four hundred crore only) on preferential basis to Government of India (President of India).

The Board approved issue of equity shares aggregating upto Rs. 320/- crore (Rupees three hundred twenty crore only (by way of Qualified Institutional Placement (QIP) subject to necessary permission / approval from Government of India / Reserve Bank of India in such a way that the shareholding of Government of India will remain intact at existing shareholding of 55.24%.

An Extraordinary General Meeting of shareholders of the Bank will be convened on December 24, 2013 for seeking their approval of the aforesaid capital issue plan by the Bank.

Shares of Allahabad Bank was last trading in BSE at Rs.89.25, down by Rs.0.70 or 0.78%. The stock hit an intraday high of Rs.91.30 and low of Rs.88.40.

The total traded quantity was 1.98 lakhs as compared to 2 week average of 2.97 lakhs.

Source : Equity Bulls

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