Public sector lender Allahabad Bank will raise over ₹57.51 crore by issuing shares on preferential basis to LIC. The decision was taken at the bank’s extraordinary general meeting held on March 30.
“Life Insurance Coporation has agreed to subscribe up to 1.32 crore equity shares of the bank on preferential basis at ₹43.42 a share subject to 14.50 per cent cap of post-issue share capital,” the bank said in the regulatory filing.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.