The Government of India (GOI) has infused Rs 400 crore in public sector lender Allahabad Bank towards issuance and allotment of equity shares on preferential basis.
Allahabad Bank has allotted 4.45 shares of face value of Rs 10 each for cash at an issue price of Rs 89.72 per equity share on preferential basis to the government of India. Subsequently, the government holding in the bank increased to 58.90 per cent from 55.24 per cent.
Allahabad Bank reported a rise of 17.76% in its net profit at Rs 275.81 crore for the quarter ended September 30, 2013 as compared to Rs 234.20 crore for the same quarter in the previous year. Total income of the bank increased by 15.72% at Rs 5303.06 crore for quarter under review as compared to Rs 4582.64 crore for the quarter ended September 30, 2012.
Allahabad Bank has allotted 4.45 shares of face value of Rs 10 each for cash at an issue price of Rs 89.72 per equity share on preferential basis to the government of India. Subsequently, the government holding in the bank increased to 58.90 per cent from 55.24 per cent.
Allahabad Bank reported a rise of 17.76% in its net profit at Rs 275.81 crore for the quarter ended September 30, 2013 as compared to Rs 234.20 crore for the same quarter in the previous year. Total income of the bank increased by 15.72% at Rs 5303.06 crore for quarter under review as compared to Rs 4582.64 crore for the quarter ended September 30, 2012.
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