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Allahabad Bank to raise up to Rs 4,000 cr

Press Trust of India  |  New Delhi 

State-owned Allahabad Bank will raise up to Rs 4,000 crore equity capital through various means, including rights issue or FPO, the lender said on Friday.

"A meeting of Share Issue and Allotment Committee (SIAC) of board of directors of the bank is scheduled to be held on Wednesday, July 31st, 2019, to consider the modes/modalities of raising the equity capital of the bank..., aggregating up to Rs 4,000 crore already approved by the board," the bank said in a regulatory filing.

The bank said it may go for qualified institutions placement (QIP)/follow-on public offer or rights issue to raise the capital.

Stock of Allahabad Bank closed 0.50 per cent down at Rs 40.20 on the BSE.

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

First Published: Fri, July 26 2019. 20:05 IST