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Allahabad Bank has decided to issue equity shares worth up to Rs 400 crore to the Government of India on preferential basis.
According to a filing to the stock exchanges, the decision was taken at a meeting of the board of directors on Friday.
The bank has also decided to raise up to Rs 320 crore by way of Qualified Institutional Placement.
The issues will be made in such a way that the shareholding of the Government of India remains unchanged at 55.24 per cent.
The bank has called an extraordinary general meeting of shareholders on December 24, seeking their approval for the capital issue plan.
ayan.pramanik@thehindu.co.in
Source: thehindubusinessline
According to a filing to the stock exchanges, the decision was taken at a meeting of the board of directors on Friday.
The bank has also decided to raise up to Rs 320 crore by way of Qualified Institutional Placement.
The issues will be made in such a way that the shareholding of the Government of India remains unchanged at 55.24 per cent.
The bank has called an extraordinary general meeting of shareholders on December 24, seeking their approval for the capital issue plan.
ayan.pramanik@thehindu.co.in
Source: thehindubusinessline
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