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Allahabad Bank to raise Rs 500-600 cr next fiscal

IANS  |  Kolkata 

State-run is looking to raise around Rs 500-600 crore capital in the next fiscal through dilution in stake of its joint venture company and also by selling non-core assets, an said on Friday.

This comes close on the heels of its coming out from the prompt corrective action (PCA) framework of the of

"We are looking to raise capital around Rs 500-600 crore in the next fiscal through dilution in stake of our joint venture - Company Ltd and also by selling non-core assets like land and properties," the bank's MD and told reporters here.

According to the bank's latest annual report, the Kolkata-based lender holds 28.52 per cent equity stake in the joint venture company for general along with the Indian Overseas Bank, the Karnataka Bank, Investment Ltd. and Japanese insurance Sompo.

The lender had appointed a for valuation of the joint venture entity.

The is also looking to raise close to Rs 300 crore through sale of non-core assets. It has identified 11-12 properties, of which three or four are in Mumbai, Rao said.

According to Rao, the lender is hopeful of growing its advances by 8-10 per cent in 2019-20.

India's first public-private general insurance company on Friday launched the for its partner bank, Bank, that will be integrated with the bank's branch systems and would allow its employees to issue the for their saving



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

First Published: Fri, March 15 2019. 17:36 IST