Allahabad Bank: Price Fixed at Rs.82

Allahabad Bank, one of the largest commercial banks in India and ranked eighth largest in terms of assets, which entered the capital market with its issue of 100 million equity shares of Rs. 10 each through a book-built process, has announced that the shares would be issued at Rs.82 per equity share.

The price band for the issue was fixed between Rs.75 and Rs.82. The issue opened for bids on April 6, 2005 and closed on April 12, 2005.

The issue received an overall subscription of 9.6 times. The qualified institutional investors portion of the issue was subscribed by 19.60 times, while the non-institutional investors portion received subscription of 7.98 times. The retail portion was subscribed by 2.07 times.

The book running lead managers for the issue were SBI Capital Markets Ltd, DSP Merrill Lynch Ltd, ICICI Securities Ltd, JM Morgan Stanley Pvt. Ltd, Kotak Mahindra Capital Company Ltd and Enam Financial Consultants Pvt Ltd.

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