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Allahabad Bank spurts on fund raising plan

26 Dec 2013 Evaluate

Allahabad Bank is currently trading at Rs. 95.75, up by 2.55 points or 2.74% from its previous closing of Rs 93.20 on the BSE.

The scrip opened at Rs 94.00 and has touched a high and low of Rs 95.95 and Rs 94.00 respectively. So far 113381 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 190.80 on 18-Jan-2013 and a 52 week low of Rs 64.90 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs 93.90 and Rs 84.20 respectively. The current market cap of the company is Rs 4770.25 crore.

The promoters holding in the company stood at 55.24% while Institutions and Non-Institutions held 29.14% and 15.62% respectively.

Allahabad Bank has received shareholders’ approval for a preferential issue of Rs 400 crore and a Qualified Institutional Placement (QIP) of Rs 320 crore for shoring up the equity base of the lender.

The bank will issue and allot 4,45,83,147 equity shares of face value of Rs 10 each at an issue price of Rs 89.72 (including premium of Rs 79.72) per equity share on preferential basis to government.

Further, the bank sought nod of the shareholders to access the market for issue of equity shares through Qualified Institutional Placement (QIP) aggregating up to Rs 320 crore in such a manner that government’s holding will continue to be at 55.24 per cent of the total paid-up capital.

Allaha.Bank-Amalgama Share Price

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Peers
Company Name CMP
SBI 1063.20
PNB 110.75
Canara Bank 138.90
Bank Of Baroda 275.85
Union Bank Of India 184.70
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