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Allahabad Bank to raise Rs 4,000 cr equity capital via various modes

The decision was taken at the bank's board meeting held Tuesday.

Allahabad Bank to raise Rs 4,000 cr equity capital via various modes

New Delhi: State-owned Allahabad Bank Tuesday said it would raise up to Rs 4,000 crore equity capital by various means including public issue.

The decision was taken at the bank's board meeting held Tuesday.

"The board of directors of the bank in its meeting held on date, inter alia, approved for raising equity capital of the bank by an amount aggregating up to Rs 4,000 crore including premium by way of issue, offer and allotment of new equity shares of the bank either by way of public issue, rights issue, qualified institutions placements (QIPs) or in combination thereof in one or more tranches," Allahabad Bank said in a regulatory filing.

Shares of Allahabad Bank closed 2.66 percent down at Rs 51.20 on the BSE.