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Allahabad Bank gains after allotment of shares to Government of India

Capital Market 

Bank rose 0.4% to Rs 75.45 at 11:03 on after the bank said it has issued and allotted 42.30 lakh shares on preferential basis to Government of for cash at Rs 78.01 per share.

The announcement was made after market hours yesterday, 18 October 2016.

Meanwhile, the Sensex was down 54.51 points, or 0.19%, to 27,996.37

On BSE, so far 98,500 shares were traded in the counter, compared with an average daily volume of 4.59 lakh shares in the past one quarter. The stock hit a high of Rs 76.05 and a low of Rs 75.10 so far during the day. The stock hit a 52-week high of Rs 88.25 on 7 September 2016. The stock hit a 52-week high of Rs 39.50 on 12 February 2016.

The mid-cap bank has an equity capital of Rs 723.03 crore. Face value per share is Rs 10.

Bank reported net loss of Rs 564.96 crore in Q1 June 2016 as against net profit of Rs 146.86 crore in Q1 June 2015. Total income declined 5.07% to Rs 5122.91 crore in Q1 June 2016 over Q1 June 2015.

Government of holds 67.21% stake in Bank (as on 30 June 2016).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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