Allahabad Bank gains 2% as board approves raising Rs 4,000 cr

Shares of Allahabad Bank rallied nearly 2 percent intraday on March 27 after the company board approved raising equity capital of up to Rs 4,000 crore.

The bank in its BSE release on March 26 said that the capital would be raised via, “Public Issue, Rights Issue, Qualified Institutions Placements (QIPs) or in combination thereof in one or more tranches in such a manner that the government of India shall continue to hold not less than 52 percent of the paid-up equity capital of the bank.”
At 1103 hrs, Allahabad Bank was quoting Rs 51.85, up 1.67 percent on the BSE.

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