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Allahabad Bank raises Rs 1,790 crore from GoI via preferential issue

Allahabad Bank raises Rs 1,790 crore from GoI via preferential issue

Allahabad Bank has raised around Rs 1,790 crore from the Government of India (GoI). The Share Issue and Allotment Committee of the Board has approved for allotment of 38,92,15,046 new equity shares of face value of Rs 10.00 of the Bank on preferential basis to the Government of India (President of India) at an Issue Price of Rs 45.99 per equity share including a premium of Rs 35.99 per equity share aggregating to around Rs 1,790 crore.

It is further intimated that all the aforesaid new equity shares bearing distinctive numbers from 1054777665 to 1443992710, allotted on date to the Government of India (President of India) are/will be under lock-in for a period of three years from the date of grant of Trading Approval from the Stock Exchanges namely NSE and BSE where the equity shares of the Bank are listed.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.