 "Allahabad Bank awaits govt nod to raise Rs 320 cr")
State-runAllahabad Bank today said it was awaiting permission from the centralgovernment before raising Rs 320 crore through a qualified institutionalplacement (QIP).
"Wehave got the approval from the Reserve Bank of India (RBI). We are awaitingapproval from the government. Once it comes, depending on the marketconditions, we will launch the issue. Hopefully, we will be able to raise moneybefore June 30," Rakesh Sethi, chairman and managing director of AllahabadBank, said.
Headded that the bank was not in immediate need of funds as corporate creditdemand continues to remain tepid.
"Wehave got the approval from the Reserve Bank of India (RBI). We are awaitingapproval from the government. Once it comes, depending on the marketconditions, we will launch the issue. Hopefully, we will be able to raise moneybefore June 30," Rakesh Sethi, chairman and managing director of AllahabadBank, said.
Headded that the bank was not in immediate need of funds as corporate creditdemand continues to remain tepid.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%