Allahabad Bank to issue preferential equity shares

Allahabad Bank today obtained shareholders' approval to issue preferential equity shares to the government to raise Rs 283 crore.

The bank would make a preferential issue more than 2.91 lakh equity shares of face value Rs 10 each and a premium of Rs 86.98 per share, it said in a statement.

The shareholding of the government in the bank post issue would increase to 62.73 per cent from the existing 60.83 per cent.