Allahabad Bank is planning to raise capital in the next financial year. The bank would be consider the options of dilution of stake in the general insurance joint venture Universal Sompo and sell off non-core assets like properties in places like Mumbai.
The bank is targeting to raise Rs 250 crore to Rs 300 crore by sell of non-core assets like properties. Further, bank will raise 500 crore in the next fiscal by way of Universal Sompo dilution of stakes.
Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.
