Allahabad Bank has obtained shareholders' approval to issue preferential equity shares to the government to raise Rs 283 crore. Post this the government’s stake in the Kolkata-based lender will rise to 62.73 per cent from 60.83 per cent.
The bank would make a preferential issue of 2.91 lakh equity shares of face value Rs 10 each and a premium of Rs 86.98 per share, the bank had said in a statement to the bourses yesterday.