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Our Bureau

Kolkata, June 2 The board of directors of Allahabad Bank at a meeting here on Monday approved the proposal to approach the Finance Ministry to obtain permission for a rights issue.

However, the details of the issue were not immediately available. The Government holding in Allahabad Bank currently stands at 55.23 per cent.

Earlier in May, while announcing the results for 2007-08, the Chairman, Mr A.C. Mahajan, had said that the bank proposed to raise Rs 1,200 crore in 2008-09 to fund its projected growth in business. The capital adequacy ratio of the bank stood at 12.04 per cent as on March 31, 2008. Mr Mahajan had stated that the bank had headroom to raise Rs 1,900 crore through a mix of instruments, adding that the bank would also approach the Government for a rights issue.

Allahabad Bank scrip fell by 1.43 per cent at Rs 79.40 (80.55) on the BSE today.

More Stories on : Rights Issue | Public Sector Banks

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