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.