Allahabad Bank gets Government green signal for Second Public issue

Allahabad Bank has received approval of the Ministry of Finance, Government of India, for its Second Public Issue of Rs 100 Crore through book-building process comprising 10 crore equity shares of Rs 10/- each at a premium to be decided by the bank. The timing of the Public Issue shall be decided by the Bank keeping in view the conditions prevailing in the market and after obtaining necessary approvals from the Securities & Exchange Board of India and other regulatory bodies. After the proposed issue, the Shareholding of the Government of India will come down from 71.16% to 55.23%.

Allahabad Bank has been growing at a rapid pace both in terms of business growth and profitability. The Bank has targeted total business of Rs.61000 crore in March 2005. The increased capital is required by the Bank to keep up the growth momentum as also meet the higher capital requirement under Basel II norms.

Marketing (Publicity)Deptt.
06-12-2004