Government stake in Allahabad Bank goes up by 7.6 per cent

By: | Published: October 15, 2018 9:44 PM

Government's stake in the Allahabad Bank has increased by 7.6 per cent post allotment of equity shares on preferential basis, the state-owned lender said Monday.

Allahabad Bank, government stake in allahabad bank, BSE, equity sharesThe preferential allotment of shares is against infusion of Rs 1,790 crore by the government in the bank. Post allotment of the equity shares, the shareholding of the government has gone up to 79.41 per cent in the bank. (IE)

Government’s stake in the Allahabad Bank has increased by 7.6 per cent post allotment of equity shares on preferential basis, the state-owned lender said Monday. The preferential allotment of shares is against infusion of Rs 1,790 crore by the government in the bank. Post allotment of the equity shares, the shareholding of the government has gone up to 79.41 per cent in the bank.

Allahabad Bank is one of the nationalised banks of India and majority stake is held by the Government of India (President of India). Shares of the bank closed at Rs 37.60 apiece on BSE, up 3.72 per cent.

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