State-owned Allahabad Bank has raised Rs 459.40 crore by issuing shares to Life Insurance Corporation (LIC) on preferential basis. The bank has allotted 2.3 crore shares of Rs 10 each at a premium of Rs 182.94 amounting to Rs 459.40 crore on preferential allotment basis to LIC and its various scheme.
The Kolkata-based bank got a capital infusion of Rs 670 crore from the government in 2010-11.
The bank reported a rise of 34.78% in its net profit of Rs 560.43 crore for the quarter ended December 31, 2011 as compared to Rs 415.80 crore for the same quarter in the previous year. Total income increased by 36.85% from Rs 3113.09 crore for Q3FY11 to Rs 4260.28 crore in the quarter under review.
