Allahabad Bank has received an approval for raising equity capital aggregating up to Rs 1000 crore (including premium) through Qualified Institutions Placement (QIP) in one or more tranches during Financial Year 2017-18 subject to all statutory and regulatory approvals in this regard. The board of directors at their meeting held on October 13, 2017, has approved for the same.
Earlier, the Bank is planning to raise Rs 2000 crore through various modes of securities.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.
