Allahabad Bank to raise Rs 1,000cr via preference share issue

State-owned Allahabad Bank today said it plans to raise Rs 1,000 crore through an issue of preference shares to the government or LIC.
Besides, the bank also plans to raise Rs 500 crore from debt during the current fiscal.
The board has approved raising of equity capital of bank aggregating up to Rs 1,000 crore including premium through preferential issue of equity shares to Government of India or LIC or any other financial institution subject to government approval, Allahabad Bank said in a statement.
The bank also got approval for raising of capital through private placement of Basel III compliant Tier II bonds in nature of debenture aggregating up to Rs 500 crore in one or more tranches during the current fiscal.