Allahabad Bank has received shareholder’s approval to raise funds up to Rs 1,900 crore through issuance of equity shares via different means. The funds will be raised through qualified institutional placement, follow-on public offer (FPO), rights issue or in combination. The annual general meeting of shareholders of the company held on June 27, 2018, approved the same.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.